Metalnewsnet 29 Jan:

The Ministry of Industry and Information Technology says it stand behind iron ore talks with international suppliers led by the China Iron and Steel Association, the China Chamber of Commerce of Metals Minerals and Chemicals Importers and Exporters. The ministry hopes a fair price will be negotiated.

Ministry's spokesman Zhu Hongren says the ministry backs the ongoing talks and will support the departments in finalizing an iron ore import recording system. He says China hopes the three major iron ore miners, Rio Tinto, BHP and Vale can reach a fair and equitable price agreement with the world's largest steel producer and iron ore importer.

Zhu Hongren, spokesman, Ministry of Industry & Information Technology, said, "The international iron ore market is monopolized by the three leading miners. We hope that they will bear in mind long-term interests of the industry and friendly long term cooperation with China. We're expecting a fair price which could be accepted by both sides."

Zhu Hongren says ore price negotiations are the responsibility of steel companies and the price should be decided by the market.

China imported 630 million tones of iron ore last year, an increase of more than 40 percent over the previous year. Zhu says China's proven reserves of iron ore are large and this will ease the supply tension in domestic market.

Zhu Hongren says, "In 2009, China has discovered nearly 5 billion tons of proven iron ore reserves. I believe this amount can ease supply shortage to a certain extent."

Zhe Hongren also says the ministry will review the location of imported iron ore to curb price hikes caused by disorderly competition.

(from cctv)