Brazilian miner Vale said on Friday it has reached an iron ore price agreement with Italian steelmaker Ilva, cutting pellet prices by 48.3 percent and fine ore by 28.2 percent.
Separately, Vale said it also reached an agreement with Turkey's largest steelmaker Erdemir for the same price reductions on pellet prices and fine ore.
Iron ore prices are set each year through a benchmarking system based on bilateral negotiations between steelmakers and the world's three principal iron miners -- Vale and Australian giants BHP Billiton and Rio Tinto.
Vale has not yet finished key price talks with Chinese steel mills following months of tough negotiations and the detention of Rio mining executives that has created diplomatic tensions between China and Australia.
Source: Reuters
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