Brazilian iron ore giant Companhia Vale do Rio Doce (Vale) has announced the conclusion of its iron ore price negotiations for 2008 with Europe's second biggest steel mill Corus.
Accordingly, the iron ore prices agreed by Corus for Southern System Fines (SSF), FOB Tubarão, have increased by 65 percent relative to 2007. Meanwhile, the price for Carajás iron ore fines (SFCJ), FOB Ponta da Madeira, has increased by 66 percent relative to 2007.
Therefore, the new reference prices per dry metric ton Fe unit for 2008 are US$1.3441 for SSF and US$1.4060 for SFCJ.