N. America iron ore pellet price yet to be set

Dec 22, 2006 | 04:43 PM | Maria Guzzo

Cia. Vale do Rio Doce (CVRD), Rio de Janeiro, the world's largest iron ore miner, and Shanghai Baosteel Group Corp., China's leading steelmaker, have reached agreement on a 9.5-percent price increase for iron ore fines to be delivered during the 12 months beginning April 2007.

It is the first time a Chinese steelmaker has acted as the price setter for the rest of the market. China imports more than 40 percent of seaborne iron ore.

But while the price on fines has been set for the worldwide market, the North American market has not yet been impacted. The North American market price is in part based on the world market price of iron ore pellets, the price of which has not yet been established, according to Peter Kakela, an iron ore expert and professor at Michigan State University. ....

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