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Message: 65 pct iron ore price rise

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65 pct iron ore price rise

posted on Feb 17, 08 10:47AM

BEIJING, Feb 17 (Reuters) - Japan's Nippon Steel (5401.T: Quote, Profile, Research) has agreed to a 65 percent rise in the price it will pay for iron ore under term contracts, effective April 1, industry sources and a Chinese steel industry website said on Sunday.

Term iron ore prices had been widely expected to rise by 50 percent or more, after spot prices soared to record highs in 2007 and Chinese steel mills' demand showed no signs of abating

http://uk.reuters.com/article/oilRpt...

interesting times ahead, for TTQ as well

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