June 23,2008 - Baosteel, the largest Chinese steelmaker, concluded the iron ore price negotiations for 2008 with Rio Tinto,one of the World largest iron ore producers.
As an outcome of these negotiations, the iron ore prices for PILBARA BLEND FINES (PBF) and HIY FINES, increased by 79.88%and the price for PILBARA BLEND LUMP (PBL) increased by 96.5% relatively to 2007.
Therefore, the new reference prices per dry metric ton Fe unit for 2008 are US$ 1.4466 for both PBF and HIY Fines, US$ 2.0169 for PBL.
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