Shanghai Securities News quoted an executive at the China Iron and Steel Association said leading Chinese steel mills had not made any concessions in annual iron ore price negotiations and would not fall in line with the terms of a deal reached by miners and Japanese steel mills.

According to the official Chinese side would continue negotiation with ore miners, and would release the result immediately if two sides conclude the talks.

The announcement has come at a time when spot ore import price has already exceeded benchmark price set by Rio after relentless increase in recent days.

(Sourced from Shanghai Securities News)