|  | 23/02/2005 |
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Japan, CVRD, Agree to Hike Iron Ore Price by 71.5% for 2005
Nippon Steel agreed to increase fine iron ore price by 71.5% for fiscal 2005 shipment starting April with the largest iron ore miner, CVRD of Brazil on Monday. JFE Steel, Sumitomo Metal Industries, Kobe Steel and Nisshin Steel agreed with CVRD at same hike on Tuesday. The hike is the largest exceeding 19.5% of increase in fiscal 1980 and follows 9% hike in fiscal 2003 and 18.6% hike in fiscal 2004. The settlement between Japan and Brazil is expected to move forward negotiations between steels and miners in Europe and other areas. Japanese steel industry is likely to face around 250 billion yen of higher cost for iron ore in the year despite of unsettled prices for lump ore and ore from Australian and other miners. They could pay 700 billion yen more for major steel making raw materials including coking coal, of which price increases by 120%.
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 | Japan, CVRD, Agree to Hike Iron Ore Price by 71.5% for 2005
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