Iron ore price negotiations – Vale settles with Corus

Companhia Vale do Rio Doce the world’s largest iron ore producer, announced that it has concluded the iron ore fines price negotiations for 2008 with Corus Group one of the largest European steelmaker.

As an outcome of these negotiations, the iron ore prices for Southern System fines, FOB Tubarão increased by 65% relatively to 2007, while the price for Carajás iron ore fines, FOB Ponta da Madeira increased by 66% relatively to 2007. Therefore, the new reference prices per dry metric ton Fe unit for 2008 are USD 1.3441 for SSF and USD 1.4060 for SFCJ.

The released added that the iron ore price settlement with large high-quality companies and traditional customers such Corus is an evidence of our commitment to the benchmark pricing system, respecting the weight of the long term relationship and trust involved in these negotiations.