On April 27, several major Chinese steel enterprises, including Hebei Iron and Steel, Baosteel and Wuhan Iron and Steel (WISCO), announced that they have not accepted the quarterly pricing system sought by the big three iron ore mining giants, namely Rio Tinto, BHP Billiton and Vale. The Chinese steelmakers said that while a specific price level has been agreed upon by both sides, it is not for quarterly prices or spot prices.
While the new year for annual iron ore price contracts began on April 1, the iron ore negotiations between the Chinese steel producers and the major miners have not yet reached a conclusion.