On 21st December 2006, Baosteel and CVRD, the largest iron ore producer of the world, reached agreement on international benchmark iron ore prices for 2007. As a result, CVRD iron ore prices for both Northern System fines and Southern System fines increase respectively by 9.5% relatively to the 2006 reference prices. The new reference prices for 2007, on metric ton basis, are US $ 0.7320 per fe unit for Caraj s Fines and US $ 0.7211 per fe unit for standard fines.
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