BHP Billiton, Rio Tinto and Vale have asked Asian steelmakers to accept a 50 percent hike in contract iron ore prices- which would be much higher than the benchmark rate.
BHP, Vale, and Rio, the three largest iron producers, may garner some success as global steel production in 2010 is expected to recover from lows seen in 2009.
Pressure in China has begun to mount as the nation's steelmakers had failed to reach an agreement with BHP, Vale, and Rio in 2009. China, at current, is the world's largest iron ore consumer.
Baosteel Group Corp., which is leading the nation's talks with iron ore suppliers, plans to wait and see how South Korean and Japanese steelmakers react to the proposal prior to making a decision.