Japan and Vale reach the 2011 iron ore agreement

November 24 03:04:46, 2022

South Korean steel industry insiders revealed on the 7th that iron ore, bituminous coal and other steel raw materials prices are expected to rebound again in the first quarter of next year. According to the report, Japanese steel companies such as Nippon Steel Corporation and JFE Steel have recently reached a preliminary agreement with BHP Billiton of Australia on the price of coking coal in the first quarter of next year, which is about 8% per ton.

Japanese steel companies have recently reached an agreement with Brazil's Vale for iron ore prices in the first quarter of next year, which will be raised from $126 per tonne in the fourth quarter of this year to $135 in the first quarter of next year. Under this circumstance, Posco's raw material import prices in the first quarter of next year will also rise accordingly. However, Posco Steel said that considering the current steel prices in the Korean market is still at a high level compared with the international market, Posco is considering freezing the price of steel products in the first quarter of next year.

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