Rio Tinto, BHP finalize ore talks with Baosteel

Global mining giants Rio Tinto and BHP Billiton, and China's largest steelmaker, Baoshan Iron and Steel Group (Baosteel), have completed their talks on the April 2007-April 2008 iron ore price, agreeing on a 9.5 percent increase. The world's number one iron ore miner Companhia Vale do Rio Doce (CVRD) has wrapped up price talks with Chinese steelmakers, agreeing to a 9.5 percent increase. Rio Tinto and BHP Billiton are continuing to negotiate with steel mills in Asia, including the Chinese.