Vale settles iron ore benchmark prices with ArcelorMittal

Brazilian mining giant Vale has concluded negotiations on iron ore and pellet prices for 2009 with ArcelorMittal in the first settlement this year in the European market, Steel Business Briefing ( www.steelbb.com )learns from the miner. The world's largest steelmaker has settled for the same percentage price decreases as those already agreed by many Asian mills. The deal will put more pressure on China to accept the benchmark settlement or turn increasingly to the spot market. In the agreement with ArcelorMittal, Vale's prices for fines decrease by 28.2% and for lump ore by 44.47% from the 2008 benchmark values.

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