Reuters reported that China's top steel body came under mounting pressure to settle overdue iron ore contracts with miners as spot prices cruised above USD 105 per tonne but top executives kept mum after a key two day meeting.

The China Iron and Steel Association concluded its biannual meeting in Beijing on Thursday under a shadow cast by the longest ever contract price negotiations with the world's top miners as well as China's detention of four Shanghai based Rio Tinto employees for allegedly stealing state secrets.

A month after the traditional deadline for the price talks had ended CISA officials were still unable to offer any clarity to the market with its beleaguered boss Mr Shan Shanghua seeking to dodge the question on the sidelines of the closed door meeting. Mr Shan said "When a result comes out, we will of course release the information."

Traders said the only way to tame prices now was to remove the uncertainties surrounding long term benchmark prices. A trader based in eastern China's Zhejiang province said "Whether the prices will rise further or not depends on how soon Chinese steel mills announce a long-term price deal with overseas miners. Speculation in the market drives the prices up."

CISA which has led this year's negotiations promising a tough and unified stance has steadfastly refused to accept the 33% price cut offered by foreign ore suppliers and agreed by mills outside of China, but its position has been undermined by a market driven by its own rebellious members.

(Sourced from Reuters)