CVRD and Nippon deal new iron ore price agreement

CVRD and Nippon deal new iron ore price agreement

The second price deal among worldwide producers and consumers of iron ore has been concluded between Brazilian iron ore producer Companhia Vale do Rio Doce SA (CVRD) and Japan's largest steel maker Nippon Steel. The new agreement's period is Japanese fiscal year of 1 April 2003-31 March 2004. Nippon has dealed to increase the per iron unit for Southern System Fines to $27.64 by 9% and per iron unit for Southern System Nodular Ore to $29.32 by 8.9%. Similarly European steel maker Arcelor dealed to increase around 9%.