SAO PAULO - Brazil mining giant Vale says its has reached new iron ore pricing agreements with most of its clients.

Vale SA says in a statement the agreements are "based on short-term market references and price changes on a quarterly basis."

The statement released Thursday says the agreements cover 97 percent of the company's client base and that the new pricing system involves "a more flexible approach toward pricing."

It did not provide further details.

Two other major iron ore producers, BHP Billiton Ltd and Rio Tinto have established similar pricing systems.

Vale is the world's largest iron ore producer.