According to a rumor reported by the Chinese media, five domestic steel enterprises have reached an agreement with the ‘big three' iron ore mining giants (BHP Billiton, Rio Tinto and Vale) on a hike in the contract sales price of iron ore. The mills in question are reported to have accepted a 40 percent rise for 2010 in the price of imported iron ore fines, with the price increasing from $62/mt FOB to $84/mt FOB.
However, according to the report, Chinese domestic mills have said that the negotiations have not yet come to an end and that both sides have just agreed on provisional prices which vary depending on the mills.