Brazilian newspaper “O Estado de S. Paulo” reported on Sunday that Vale will raise iron ore prices by 35% in July, bringing contract prices close to the spot market ones. The miner did not commented the news but Ferrous Metals director José Carlos Martins confirmed the company “would raise prices” for steelmakers. The newspaper said the exact amount will be determined tomorrow, but rumours are being spread since last week when Russian news agency Interfax reported Vale was asking Chinese customers 23% more in the third quarter, citing an unnamed source at Wuhan Iron & Steel.