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Article: Rio Tinto wins up to 97 percent rise in iron ore price with Asian customers
- Article from:
- AP Worldstream
- Article date:
- July 1, 2008
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Rio Tinto, the world's second-largest iron ore producer, secured price rises with its Asian customers of up to 96.5 percent for its ore this year, the miner said Tuesday.
The increases, ranging from 79.88 percent to 96.5 percent, represent the sixth consecutive annual increase in iron ore prices, as demand for the steel making commodity soars thanks to demand from China and other developing nations.
The announcement follows news last week that China's biggest steel producer, Baosteel Group, which represents the country's still mills in talks with iron ore suppliers, had agreed to price hikes of up to 96.5 percent with London-based Rio Tinto.
"These agreements are ...