Nippon and JFE agree ore talks with CVRD
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.