The UK-based company Ferrexpo, whose main interests are in Ukrainian iron ore assets, has announced that it has agreed an average increase of 90 percent for its 2008 iron ore pellets with customers representing more than 50 percent of expected sales in 2008.
The new prices are effective from April 1, 2008 and will be applied for the 2008/2009 contract year.
The company, which sells 90 percent of its products based on long-term contracts, expects to finalize the balance of its 2008 contracts shortly at levels consistent with the recently announced international iron ore benchmark increase.