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.

Cheers markcoinoz