The China Iron and Steel Association (CISA), China's steel trade group, said steelmakers can reach private deals with ore producers, but the prices should only be temporary, hexun.com reported.
Luo Bingsheng, vice-chairman of the CISA, told a press briefing Wednesday that steel mills can negotiate prices separately with the mining companies. But the iron ore price negotiation between China and the three major miners, namely Vale, BHP Billiton and Rio Tinto, is still underway and once an agreement is reached, the contract price should become the. final supply settlement price.
Luo also said China has never given up negotiating for a long-term agreement with the three major mining companies,
Stressing that iron ore prices are important to China's economy, Luo suggested raising the issue to the level of national strategy.
