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Rio Wins 97% Ore Price Increase From Asia Steel Mills
Tue 1 Jul 2008
Rio Tinto Group, the world's second- largest iron ore exporter, won price increases of as much as 97 percent from Asian steelmakers, fueling inflation concern and adding pressure on BHP Billiton Ltd. to settle contracts.
The agreements for the 12 months that began April 1 match prices agreed on June 23 with Baosteel Group Corp., China's biggest mill, the London-based company said today in a statement.
Iron ore prices have gained almost fourfold since 2001 to a record, raising costs for mills such as South Korea's Posco and stoking inflation in Asia. BHP Billiton Ltd., the third-largest exporter of the ore, hasn't concluded price talks.
