TKS agrees on 79% price hike for iron ore

TKS agrees on 79% price hike for iron ore

Brazilian mining giant Companhia Vale do Rio Doce (CVRD) announced yesterday that it had completed iron ore price negotiations with German steel producer ThyssenKrupp Steel (TKS). Accordingly, TKS agreed to pay 79% more for granulated iron ore this year. Of the 14 million tons of iron ore that TKS buys from CVRD, 2 million tons are of the granulated variety. TKS is expected to hike its prices soon in order to compensate for the rising costs of steel making.