RNS Number:2089U
BHP Billiton PLC
14 January 2004

14 January 2004
Number: 02/04



                 BHP BILLITON SETTLES 2004 FINE IRON ORE PRICES


BHP Billiton today announced it had reached agreement with Nippon Steel on the
price of its Fine iron ores for the year commencing 1 April 2004. Negotiations
with other Japanese customers are continuing.


The agreed price is as follows:


*  Mt Newman High Grade Fines 35.99 US cents per dry metric tonne unit;
an increase of 18.62 per cent.*


Prices for BHP Billiton's other Fine iron ore products will increase by similar
percentages.


It is expected that the price of Mt Newman High Grade Lump will be finalised in
coming days.



*Notes:

* Following agreement on the annual percentage change, Japanese iron ore
prices are denominated in US cents per dry metric tonne unit, which reflects a
common base per unit of iron content.


* To determine the USD price per tonne, the following conversion formula
must be used:

  o   US cents per dry metric tonne unit multiplied by iron content

  o   The iron content for Mt Newman Fine ores is about 64%


* Expressed in dry long ton units, the 2004 price for Mt Newman High
Grade Fines is 36.57 US cents, an increase of 18.62 per cent.


* In FY2003 BHP Billiton's Western Australian iron ore operations sold
80.3 million tonnes (100% basis) of ore.


* Fine ores represented about 75% of BHP Billiton's FY2003 sales.


* The reference price of Fine ores is usually established first as this
represents about 60% of the traded market. Prices for Lump and pellets are then
usually determined as a premium to the Fines price.

Further information on BHP Billiton can be found on our Internet site: http://
www.bhpbilliton.com

Australia                                              United Kingdom

Andrew Nairn, Investor Relations                       Mark Lidiard, Investor & Media Relations

Tel: +61 3 9609 3952  Mobile: +61 408 313 259          Tel: +44 20 7802 4156

email: Andrew.W.Nairn@bhpbilliton.com                  email: Mark.Lidiard@bhpbilliton.com

Tania Price, Media Relations                           South Africa
                                                       Michael Campbell, Investor & Media Relations
Tel: +61 3 9609 3815  Mobile: +61 419 152 780
                                                       Tel: +27 11 376 3360  Mobile: +27 82 458 2587
email: Tania.Price@bhpbilliton.com
                                                       email: Michael.J.Campbell@bhpbilliton.com

United States

Francis McAllister, Investor Relations

Tel: +1 713 961 8625  Mobile: +1 713 480 3699

email: Francis.R.McAllister@bhpbilliton.com


BHP Billiton Limited ABN 49 004 028 077                     BHP Billiton Plc Registration number 3196209
Registered in Australia                                     Registered in England and Wales
Registered Office: Level 27, 180 Lonsdale Street Melbourne  Registered Office: Neathouse Place London SW1V 1BH United
Victoria 3000                                               Kingdom
Telephone +61 1300 554 757 Facsimile +61 3 9609 3015        Telephone +44 20 7802 4000 Facsimile +44 20 7802 4111

                    The BHP Billiton Group is headquartered in Australia

                      This information is provided by RNS
            The company news service from the London Stock Exchange
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