Rio Tinto Nailed it...Now its BHP's turn......
Excellent for the near term producers.
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Rio Tinto plans huge iron ore price hike
Posted 6 minutes ago
Mining group Rio Tinto says it has agreed to a near doubling of the price of its iron ore sales to Chinese steel maker Baosteel.
Prices are to increase by 80-97 per cent depending on the category of iron ore, which is a vital raw material used to make steel.
Under this agreement, Rio will sell Pilbara Blend Fines/Yandicoogina Fines to Baosteel for 152.22 cents per dry metric tonne unit.
Pilbara Blend Lump will cost 212.23 cents per dry metric tonne unit.