Nippon Steel Corp. and JFE Steel Corp. confirmed Tuesday they have agreed with Rio Tinto Ltd. (RTP) on the price for iron ore this fiscal year, accepting a sharp price increase in line with an earlier deal by China's Baosteel. 

Both Nippon Steel and JFE Steel, a unit of JFE Holdings Inc., said they accepted a 79.88% increase for iron fine and a 96.50% increase for iron ore from the Australian miner.

The Japanese steelmakers' spokesmen declined to comment on whether and how much they will try to cushion the burden of higher Australian iron costs by raising their product prices. They haven't yet reached an agreement with BHP Billiton Ltd.