Rio Tinto has completed the first round of iron ore price talks with Japanese and Korean steel mills and is seeking a 40 per cent increase in 2010 benchmark prices, according to a report in the 21st Century Business Herald.
"When this year's iron ore price talks started, Japanese and Korean steel mills agreed to a higher benchmark price for this year, so the key issue now becomes how much the price hike will be," the report said, citing a mining source close to Rio Tinto and BHP Billiton.
