CVRD increases iron ore prices for Arcelor
Brazilian Companhia Vale do Rio Doce (CVRD), the world's biggest iron ore exporter, has signed an agreement with the world's biggest steel producer Arcelor to increase iron ore prices by 18.6%. CVRD is planning to sign similar agreements in 2004 with its other customers in Europe and Asia. CVRD expected to sell over 22 million tons of iron ore to Arcelor this year.