China’s People’s Daily is quoting “foreign media” reporting that China’s five major steelmakers and the big three iron ore miners as having increased a cost and freight price of $84 per ton for iron ore. This is a rise of 35 per cent over the $62 in 2009, although the paper is quoting an increase of 40 per cent.
The paper also quotes sources within the Chinese steel industry that suggest this is only a provisional price and that talks are continuing.
The cost and freight (CIF) of Indian 63.5 percent grade iron ore powder is 131 to 133 U.S. dollars per ton, approximately 80 percent higher than the "initial price" that Japanese steel mills received in their long-term contracts with Rio Tinto.
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