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Vale denies iron ore price hike speculation

Vale denies iron ore price hike speculation

Sao Paolo: Brazilian miner Vale has denied reports that it had raised iron ore prices for Chinese steelmakers.

In a statement to Brazil's securities regulator, Vale said it "does not confirm rumors circulating ... regarding a price adjustment of 20 percent for iron ore."

Earlier on Wednesday, the trade journal Steel Business Briefing reported Vale demanded that Chinese customers pay an additional 20 percent for iron ore from September 1, citing a company e-mail.  [5/9/08]