The world's number one
iron ore miner Companhia
Vale do Rio Doce (CVRD) and Japanese steelmakers, Nippon Steel Corp. and JFE Holdings, have completed their talks on the April 2007-April 2008
iron ore price, agreeing on a 9.5 percent increase.
Analysts expect raw material costs for steelmakers next year may be similar to this year. The rise in
iron ore prices will be offset by lower prices for hard
coking coal.