Australian magnetite producer Grange Resources Limited said it has secured 25% increase interim pricing for iron ore pellets.

It said “The agreement has been reached with primary customer and cornerstone shareholder Shagang, China's largest private steel mill. The new price of USD 150 per tonne of pellets, USD 30 higher than the current quarter's interim price, will be effective from 1 July 2010.”

Mr Russel Clark CEO of Grange said “The increased pricing arrangement recognizes the rise in various spot iron ore prices over the three months. The USD 150 per tonne agreed for the next quarter is regarded as a conservative estimate of the final price that will be received for the quarter.”