Iluka Resources Ltd has agreed with its major customers to increase rutile contract prices by 80-85% in the first half of 2012 compared with the second half of this year, the Australian mineral sands group said.
The price hike will bring the weighted average price of rutile in H1 2012 to $2,412-2,479/tonne, FOB Australia, effective 1 January.
At the same time, synthetic rutile prices will be increased 85-90% against H2 2011 to a weighted average price of $1,989-2,043/tonne.
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