POSCO, Vale agree 65 pct iron ore price hike

SEOUL, Feb 18 (Reuters) - South Korean steel maker POSCO (005490.KS: Quote, Profile, Research, Stock Buzz) said on Monday it had agreed to a 65 percent rise in iron ore prices with Brazilian mining company Vale (VALE5.SA: Quote, Profile, Research, Stock Buzz) (RIO.N: Quote, Profile, Research, Stock Buzz).

The world's fourth largest steel company was one of a number of Asian steel companies to agree to a steep rise.

Nippon Steel (5401.T: Quote, Profile, Research, Stock Buzz) said earlier on Monday it had agreed to pay $78.90 a tonne for Itabira fine ore, a rise of 65 percent, in the year starting April 1.

Japan's JFE Steel Corp, part of JFE Holdings Inc (5411.T: Quote, Profile, Research, Stock Buzz), the world's third largest steelmaker, agreed to a 65 percent rise in iron ore prices with Vale, industry sources said on Monday.

(Reporting by Angela Moon, writing by Keiron Henderson; Editing by Rhee So-eui)