Rio Tinto settles iron contracts

Mining giant Rio Tinto, the world’s second-biggest iron ore producer, said yesterday it had settled supply contracts with most major Asian customers on its iron prices. The deal comes about a week after a deal was reached with Japanese manufacturers. Rio’s Hammersley Iron unit also struck a deal with Taiwan’s Dragon Steel company. Negotiations continue with China, however, after the country demanded a further discount on the price it would pay for the commodity.