<p>BHP Billiton has overcome Chinese reluctance to secure a 19% iron ore price increase from the Baosteel Group Corp for the 2006 contract year.</p> <p>Chinese steelmakers will sign contracts with Brazil’s Cia Vale do Rio Doce (CVRD), and Rio Tinto, the world’s other two major iron ore producers, the next day or two, <em>China Daily</em> reported. </p> <p>Fulfilling a Baosteel prediction late last month, the acceptance was widely expected, despite weeks of negotiation, as European and other Asian steel-makers had already agreed to the amount.</p> <p>BHP shares rose 69 cents, or 2.6%, to $26.84, while Rio Tinto’s rose $1.99, or 2.7 %, to $75.35, in early trade today (Wednesday June 21). </p> <p>Meanwhile, BHP Billiton said today that it had agreed to sell its Australian coal bed methane interests to the Australian Gas Light Co (AGL) for US$68.7m. </p> <br />
BHP Billiton sees Chinese swallow 19% iron ore price rise
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