Italian steel companies agree to new iron ore prices
According to recent market news, Italian steel producers
Ilva SpA and Lucchini SpA agreed to a price hike of 71.5% for low grade
iron ore from Brazilian mining giant Companhia
Vale do Rio Doce (CVRD).
CVRD and Anglo-Australian
Rio Tinto, the world's largest
iron ore suppliers signed similar agreements for the 2005 fiscal year with
Japan's Nippon Steel Corp (NSC),
Luxembourg-based Arcelor and
China's Shanghai
Baosteel.
Moreover,
Ilva and Lucchini agreed to a price increase of between 86.4-86.7% for high-quality
iron ore produced by CVRD.