Brazilian mining giant Vale has agreed to reduce its iron ore and pellet prices under a 2009 contract with ArcelorMittal.
The iron ore price for fines has been reduced by 28.2% and for lumps by 44.7%, compared to benchmarks in 2008, Vale said.
The new prices per dry metric ton Fe unit are $0.9651 for Southern and Southeastern System fines and $1.1384 for blast furnace pellets.
Vale has offered similar cuts in 2009 benchmark iron ore prices to Japanese and South Korean steelmakers.
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