Brazil''s Valor newspaper reported that Brazilian miner Vale is seeking an increase of more than 90% for iron ore from Japan''s JFE steel as spot market rates soar.
Valor, citing unidentified sources, said JFE, the world''s sixth biggest steelmaker, is willing to accept the proposal
Vale did not comment on the information.
Vale has insisted on a higher iron benchmark price as the spot market remains near USD 130 per tonne, double the benchmark, on strong demand from China.