Valor Economico reported, citing a note the company sent to clients that Vale SA adopted a different iron-ore pricing system and more than doubled rates on some types of ore.

The Sao Paulo-based newspaper said, citing the note the new prices will be valid from April until June. Vale will use the Platts Iodex index instead of a benchmark pricing system.

The newspaper said the price of Carajas sinter feed will increase to USD 122.20 per tonne from last year’s reference price of USD 57.

Officials at Vale in Rio de Janeiro weren’t immediately reachable before regular working hours when Bloomberg News called for comment today.

(Sourced from Valor Economico)