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Brazil Vale says not started '09 iron price talks

Sat May 23, 2009 11:53am EDT

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SAO PAULO, May 23 (Reuters) - Brazil's mining giant Vale (VALE5.SA)(VALE.N) said on Saturday it has not yet started negotiations to set 2009 iron ore prices with steelmakers.

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The world's largest iron ore miner said it would wait until its Australian rivals set new prices before committing to a new rate with its clients.

In 2008, it lost out after concluding price talks first. Australians clinched better deals shortly after.

Spot iron prices, which currently have a discount of 10 to 20 percent over prices agreed last year with clients in Europe, Japan and South Korea, are "reasonable" for 2009, said Jose Carlos Martins, Vale's executive director for ferrous minerals.

(Reporting by Roberto Samora, Writing by Inae Riveras)

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