Steel Demand To Send Coal, Iron Ore Prices Surging

AFP via Yahoo! UK & Ireland Finance: Coal and iron ore producers are expected to settle 2005/06 price negotiations early this year, locking in large price increases as the booming steel market soaks up the world’s raw materials.

One of the world’s biggest steel makers, Korean company Posco, has confirmed it will pay BHP Billiton Ltd and Rio Tinto Ltd, for high quality hard coking coal in the 12 months from April 2005, more than double what it paid in 2004/05.

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