The mining and steel manufacturing communities are reeling from the Rio Tinto announcement this week that its iron ore fines prices were raised by 79.9% over last year, and its lump prices were up 96.5%, for annual contract prices, for an overall 85% increase. The deal is with Chinese steel maker Baosteel. Vale earlier this year saw settlement increases of 65% and 71% respectively.
The folks at mineweb.com called it "akin to oil prices instantaneously moving up to $270 a barrel, or gold bullion jumping in a jiffy to around $1,800 an ounce."