CVRD to increase iron ore prices by 90%

CVRD to increase iron ore prices by 90%

Brazilian mining giant Companhia Vale de Rio Doce (CVRD) is reportedly planning to increase its iron ore prices by 90% for its customers in Asia due to the rise in demand for steel. The company officials confirmed that the negotiations are around 90%. Moreover, CVRD plans to increase its investments by 70% this year to increase its production and improve transportation. The planned investment for 2005 will be $3.33 billion. 78% of this amount will be spent on iron ore projects.