China Steel Mills OK Iron Ore Price Hike – Elaine Kurtenbach

From the AP:

China’s steel mills have agreed to a 19 percent price increase for iron ore following extended negotiations with the world’s three biggest mining companies, the government said Wednesday.

China’s biggest steelmaker, Baosteel Group , agreed Tuesday with Australia’s BHP Billiton Ltd., the official Xinhua News Agency reported, citing an unnamed source at the company. Shanghai-based Baosteel was representing other major Chinese steelmakers in the negotiations.

Xinhua said similar agreements also were reached with Australian miner Rio Tinto Group and Brazil’s Companhia Vale do Rio Doce SA. Details would be released later in the week, Xinhua said. [Full text]

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