Brazilian iron ore giant Companhia Vale do Rio Doce (Vale) has announced the conclusion of its blast furnace pellet price negotiations for 2008 with Ilva S.p.A (Ilva), the largest Italian steelmaker and one of Vale's largest customers in the pellet business.
Accordingly, the blast furnace pellet price agreed by Ilva, FOB Tubarão, has increased by 86.67 percent relative to 2007.
Therefore, the new reference price per dry metric ton Fe unit for 2008 is US$2.2020 for Tubarão blast furnace pellets.