According to Macquarie analysts, BHP Billiton has won a 99.7% rise in the price paid by Asian buyers for its iron ore.

Macquarie commodities report, citing Japanese steel industry sources, said that BHP will be paid about USD 120.08 a tonne by most of its Asian customers for iron ore fines in the April to June quarter.

The report said “This represents a massive 99.7% rise over 009 Japanese financial year contracts.”

It added “The price paid for iron ore lump will be 88% above last year's levels at USD 135 a tonne.”

BHPB revealed its groundbreaking win in striking quarterly contracts with a significant number of its Asian customers. It did not disclose the price involved.

BHP declined to comment on the Macquarie report yesterday.

(Sourced from The News)