Commodities | May 22 2006
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By Rudi Filapek-Vandyck
Announcements about deals struck for a 19% price increase for iron ore fines keep coming one after the other. The two latest deals involve an agreement between Rio Tinto (RIO) and South Korea’s POSCO and between Companhia Vale do Rio Doce (CVRD) and India’s Mittal Steel.
POSCO signed a similar deal with CVRD last week.
Chinese media reported the country’s Iron and Steel Association (ISA) on Friday restated that China will not accept an iron ore price which does not "consider the Chinese market".
The Chinese steel sector now seems to be aiming for a price that is difference to other regions.
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