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The reduction reflects falling steel demand worldwide amid the global economic downturn, the officials said.
The agreement is expected to help the domestic steelmakers, including Nippon Steel Corp. and JFE Steel Corp., to curtail their business costs.
In late May, the Japanese steelmakers agreed on a 33 percent reduction in the prices of iron ore they procure in fiscal 2009 from Australian and British mining giant Rio Tinto for the first cut in seven years.
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