Vale SA Quarterly Pricing Agreements
Goldman Sachs (NYSE:GS) said Vale SA (NYSE:VALE) has agreements in place for 97 percent of its clients around the world concerning the new quartely pricing system now being adopted by the industry.
In regulatory filing yesterday Vale said over 90 percent of their iron ore contracts have been covered.
Major competitors BHP Billiton Ltd. (ASE:BHP) and Rio Tinto Group (ASE:RIO) are moving toward the same pricing format as well with their iron ore and coking coal clients.
The iron ore market generates about $200 billion in business annually.
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