Baosteel Group, the largest steelmaker in China, cut a
supply deal with Rio Tinto and agreed to an 80%
price increase for iron ore. Baosteel will pay Rio Tinto $144.66 a metric ton for iron ore.
Demand for iron ore is still very strong and Baosteel must expect it to stay strong for a long time or it wouldn’t
agree to such a huge price increase.
