Major Japanese steelmakers and Brazilian miner Companhia Vale do Rio Doce are expected to agree to an increase in the price of iron ore of almost 100 per cent to about $110 per metric ton by the end of this month, the Yomiuri Shimbun has reported.
The paper said that Japanese steelmakers also are negotiating prices with two other mining companies – BHP Billiton and Rio Tinto - and will reach agreements on similar prices.
It is also likely that they will agree to the introduction of a new system under which prices would be reviewed every three months, a move that could lead to a further increase in July.
The average price for spot trades has risen to between $130 to $150 per ton since February--up from $60 a tonne last spring.
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