POSCO and CVRD complete iron ore talks

The world's largest iron ore producer, Companhia Vale do Rio Doce (CVRD), has reached a deal with South Korea's POSCO for a 9.5 percent hike in iron ore prices for 2007. The Brazilian mining giant has also already reached agreements with five Japanese clients, Nippon Steel Corp, JFE Steel Corp, Sumitomo Metal Industries Ltd, Kobe Steel Ltd and Nisshin Steel Co, for price hikes.