CVRD denies reported price agreement

Brazilian mining company Companhia Vale do Rio Doce (CVRD) denied Monday reports from a Chinese website that the company had agreed with Chinese steelmakers to raise iron ore prices by 10 percent. "We don't know of any clients that have entered into price agreements with any suppliers of iron ore," said CVRD media spokesperson Fernando Thompson in a statement to the press. Mr. Thompson's statement was in response to a Chinese source's message to its members Monday morning, which read: "Iron ore price talks are over. The two parties agree to a 10 percent price rise this year." The last time CVRD made an official pricing announcement was in March, when the company revealed that they will be seeking a 24.6 percent increase from 2006 iron ore contracts.