Japan's Nippon Steel has agreed to a 65 percent rise in the price it will pay for iron ore under term contracts, industry sources and a Chinese steel industry website said on Sunday.
Prices will be effective April 1, 2008.
"An international steel mill has concluded 2008 iron ore negotiations. The 2008 iron ore price will rise by 65 percent," steel industry website Umetal said late on Sunday.
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