On 22nd December 2006, Baosteel and Hamersley, one of the major iron ore producers of the world, reached agreement on benchmark prices for fine ores and lump ores for 2007. As a result, Hamersley fine ore and lump ore prices increase respectively by 9.5% relatively to the 2006 reference prices. The new reference prices for 2007, on metric ton basis, are US $ 0.8042 per fe unit for fine ores and US $ 1.0264 per fe unit for lump ores.
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