BHP Biliton and Rio Tinto secure price increase for iron ore

BHP Biliton and Rio Tinto secure price increase for iron ore

Major Australian steel producers BHP Billiton and Rio Tinto have managed to get a price hike of 9% for iron ore shipments, at the end of their negotiations with the Japanese steel mills. These companies have been pushing for price increases in 2003, along with CVRD, based on the strong demand for iron ore, particularly from China. CVRD, of course, had managed to get a similar 9% increase from Arcelor, also within this week.