MetalBiz cited Mr Shan Shanghua general secretary of China Iron & Steel Association as saying that China will seek for starting iron ore price negotiation in every January, because it is suitable for China steel enterprises accounting system.

China steel industry meeting will hold in mid October which usually marks the beginning of annual price negotiation. However, Mr Shan Shanghua disclosed that CISA is still going the iron ore talks of 2009 to 2010 with BHP Billiton and Vale, excluding Rio Tinto and the negotiation is also preparing for the talks of 2010 to 2011.

Mr Shan revealed that the global iron ore will oversupply 2010 due to the slow rebounding of steel production, which lays foundations for the new round of iron ore price negotiation.

(Sourced from MetalBiz.com)