2007 iron ore price increase to be 9.5 percent

Antara, the Indonesia National News Agency reports that the 2007 iron ore price settlement agreed between CVRD and the Baosteel Group Corporation (China's largest steelmaker) is an increase of 9.5 percent over 2006 reference price levels.

This is the first time that benchmark prices were settled with Baosteel, representing all Chinese steelmakers. The result has been a remarkably quick negotiation process, compared to previous years.

For the full report from Antara, please visit
http://www.antara.co.id/en/seenws/?id=25060

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