BHP Billiton-JFE Steel Settle 09-10 Iron Ore Prices - SBB
June 11 2009 - 5:50AM
Dow Jones News
London-based industry publication Steel Business Briefing said
Thursday Australian miner BHP Billiton (BHP) has settled 2009-10
term iron ore prices with Japan's second-largest steel maker, JFE
Steel.
In a news alert, Steel Business Briefing said the terms of the
agreement were the same as those the company reached with rival Rio
Tinto Plc (RTP) late last month.
JFE will get a 32.95% reduction in iron ore fines prices and a
44.47% reduction in lump prices, SBB said, quoting unnamed industry
sources.
Among major Japanese and Korean steel mills, only JFE has
reached a settlement with BHP, the report said.
BHP officials couldn't be immediately reached for comment.
Earlier in the week, Posco (005494.SE) Chief Executive Chung
Joon-yang had said the company will likely conclude talks with BHP
soon, at price levels similar to those reached with Rio Tinto Plc
(RTP).
-By Denny Kurien, Dow Jones Newswires; +65 6415 4081;
denny.kurien@dowjones.com