The Nikkei business daily reported that BHP Billiton Ltd and Rio Tinto Ltd have notified Japanese steelmakers that iron ore price for the July to September period will be raised about 23% from the previous quarter,
The Nikkei reported that Japanese steelmakers, who have agreed to negotiate resources prices quarterly instead of annually starting with the current fiscal year, are likely to settle for a price close to the proposed figure.
The paper also said Brazil''s Vale SA is likely to follow suit.
The second consecutive quarterly hike will put iron ore at about USD 147 per tonne, 140% higher than the fiscal 2009 price.