Australian iron ore producer Grange Resources Ltd has agreed to an interim sale price of AUD 150 per tonne for iron ore pellets for the quarter starting July 1.

Grange in a statement to the Australian stock exchange said that the interim price is a more than doubling of the previous benchmark price.

Grange is holding talks with BlueScope about a new pricing mechanism for the last two years of the current contract.

(Sourced from Bloomberg)