RIO DE JANEIRO, March 5 (Reuters) - Brazilian miner Vale (VALE.N: Quote, Profile, Research)(VALE5.SA: Quote, Profile, Research) is seeking an increase of more than 90 percent for iron ore from Japans JFE steel as spot market rates soar for the steel ingredient, a Brazilian newspaper reported on Friday.
Brazils Valor newspaper said JFE (5411.T: Quote, Profile, Research), the worlds sixth-biggest steelmaker, was willing to accept the proposal, citing unidentified sources.
The paper said, the worlds largest iron ore producer, Vale did not comment on the information. A Vale spokeswoman on Thursay told Reuters the company would not comment on iron price negotiations.
The industry publication Steel Business Briefing said on Thursday that Vale was seeking two 40 percent price hikes in March and April from Brazilian steelmakers, also without identifying sources.
Vale has insisted on a higher iron benchmark price as the spot market remains near $130 per tonne - double the benchmark -- on strong demand from China and recovery in Europe and the United States. (Reporting by Brian Ellsworth; Editing by John Picinich)
Sunday, March 7, 2010
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