9 Jun 2010

BHP, Rio may lift iron ore price 23%

8-June-10 by AAP

Mining giants BHP Billiton and Rio Tinto reportedly plan to raise September quarter iron ore prices by up to 23 per cent.

Media reports today claim BHP Billiton and Rio Tinto had notified Japanese steel makers of their intention to increase prices for the bulk commodity for the three months to September by 22 per cent to 23 per cent.

The hike would see iron ore priced at about $US147 a tone, the reports claimed.

The 40-year-old annual iron ore pricing system collapsed in April when Rio Tinto followed BHP Billiton and Brazil's Vale in adopting quarterly negotiated contracts.

A BHP Billiton spokeswoman said the company did not comment on iron ore price negotiations.

Rio Tinto was not immediately available for comment.

I feel for these poor miners, how can they afford the new tax???

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