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.