The Financial Times citing Mr Tom Albanese CEO of Rio Tinto reported that Rio Tinto Plc endorsed the reform of benchmark iron ore pricing joining BHP Billiton Ltd in calling for changes to the system.

The report said that the system, under which the first price agreed to between a miner and steelmaker establishes the industry benchmark for the following 12 months, was challenged this year when China balked at Rio's agreement with Nippon Steel Corp of Japan.

(Sourced from Financial Times)