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nippon steel agrees iron ore price increase

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    Nippon Steel Agrees 65% Iron Ore Price Increase, Reuters Says

    By Gavin Evans

    Feb. 18 (Bloomberg) -- Nippon Steel Corp. agreed to pay 65 percent more for contract iron ore deliveries in the year starting April 1, Reuters reported, citing industry executives and a Chinese steel industry Web site.

    The increase accepted by an unnamed international steel producer was reported on the Umetal Web site yesterday, Reuters said. Industry executives named Nippon Steel as the party completing the transaction, the news service reported, without confirmation from the company.

    The increase, the first by the major mills, will set the benchmark for the industry and will probably be accepted by Chinese steelmakers, Reuters said, citing Chen Xianwen, deputy director of the China Iron & Steel Association.

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