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.