JFE Holdings Inc said that it has not received a proposal from Brazil's Vale for an over 90% hike in iron ore prices.

Brazil's Valor newspaper reported that Vale was seeking an increase of more than 90% for iron ore as spot market rates soar for the steel ingredient and that JFE was willing to accept the proposal, citing unidentified sources.

A JFE spokesman said that "We have not received such an offer. It is not true that we are willing to accept the offer."

(Sourced from www.reuters.com)