February 22, 2008-Companhia Vale do Rio Doce (Vale), the world's largest iron ore producer, concluded the iron ore price negotiations for 2008 with Baosteel, the largest Chinese steelmaker.
As an outcome of these negotiations, the iron ore prices for Southern System fines (SSF), FOB Tubar o, increased by 65% relatively to 2007. At the same time, due to its recognized superior quality, it was agreed that the price for Carajas iron ore fines (SFCJ) will have a premium of US$ 0.0619 per dry metric ton Fe unit over the 2008 price for SSF.
Therefore, the new reference prices per dry metric ton Fe unit for 2008 are US$ 1.1898 for SSF and US$ 1.2517 for SFCJ.
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