Vale (VALE5) should raise the prices of contracts quarterly iron ore by 8.8% to U.S. $ 149.20 per ton in January, according to Reuters calculations. An industry source in China confirmed to Reuters that the mining company established prices for the first quarter by calculating the average daily price of the commodity in northern China between September 1 and November 30. Vale took the quarterly pricing system in April 2009, replacing the old format year, in which prices were set once a year, amid a long period of negotiations between buyers and suppliers. According to the Chinese source, the contracts with Vale predict that prices for each quarter to be signed as the average "days within the period of three consecutive months beginning on the first day of the fourth month preceding the start of the quarter in question ".
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