Friday, April 2, 2010

POSCO Agrees Iron Ore Price With Vale

POSCO To Pay 86 Per Cent More For Iron Ore



South Korean steelmaker POSCO said on Friday that it has agreed with Brazilian iron ore miner Vale a provisional price of $100-105 a tonne for iron ore. The price will run during the April-June quarter. The price is an increase of 86 per cent on its previous price.

"The agreement is provisionally made. Depending on the final decision, the prices will be applied retroactively," Choi Doo-Jin, public relations team leader at POSCO, told Reuters by phone. Mr Choi added that talks were continuing. Talks are still continuing with Rio Tinto and BHP Billiton.

Posco will review whether to raise its steel prices after talks on raw material prices are completed.

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