Rio Tinto hikes iron ore prices 71.5%
Anglo-Australian mining company Rio Tinto announced that it would increase the price of iron ore sold to Japanese steel producer Nippon Steel Corporation (NSC) by 71.5% due to rising demand, especially from China. Accordingly, the price of fine ore will increase from 35.99 cents to 61.72 cents per dry metric ton unit as of April 1, 2005. On the other hand, the price of lump ore will increase to 78.77 cents per dry metric ton unit, up from 45.93 cents per dry metric ton unit. The price of Yandi ore will increase to 58.02 cents per dry metric ton unit, up from 33.83 cents a year ago.