UPDATE 1-Japan steel makers to pay 71.5% more for CVRD ore

Newswire

(Writes through with details) By Edwina Gibbs TOKYO, Feb 22 (Reuters) - Japanese steel makers including industry leader Nippon Steel Corp. said on Tuesday they had agreed to pay Brazilian mining group CVRD 71.5 percent more for iron ore fines in the year starting April 1. The rise, which comes amid soaring raw material prices, is steep but less than the 90 percent increase Companhia Vale do Rio Doce (CVRD) had demanded, and the agreement is likely to affect other negotiations between ...

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