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Vale Settles 2009 Iron Ore, Pellet Prices with Nippon Steel, Posco
06/12/2009 - Vale concludes iron ore and pellet price negotiations for 2009 with Nippon Steel and Posco.
Vale SA (Vale) has now concluded iron ore and pellet price negotiations for 2009 with Nippon Steel Corp. and Posco. The settlement was followed by the Japanese steelmakers Sumitomo Metal Industries Ltd., Kobe Steel Ltd., and Nisshin Steel Co.
As a result of these negotiations, the iron ore prices for fines decreased by 28.2% and for lumps by 44.47% relatively to the 2008 benchmark prices.
The new reference prices per dry tonne Fe unit for 2009 are US$ 0.8543 for Southeastern System fines (SSF); US$ 0.8987 for Carajás sinter feed (SFCJ); US$ 0.9942 for Southeastern System lump; and US$ 1.0094 for Southern System lump.
The negotiations also resulted in a 48.3% decrease in the blast furnace pellet price relative to 2008, resulting in a new reference price of US$ 1.1043 per dry tonne Fe unit for 2009.
Vale (formerly Companhia Vale do Rio Doce, or CVRD) is a global company with a mission to transform mineral resources into prosperity and sustainable development. Headquartered in Brazil, Vale has a workforce of over 100,000 employees, including outsourced workers.
