Rio Tinto Ltd says the company does not see the pricing agreement by Fortescue Metals Group Ltd and Chinese steelmakers as relevant to its pricing for fiscal 2009, while the miner conducts its own negotiations with customers worldwide.

Mr Gervase Greene a spokesman for London based Rio Tinto said from Perth said “We do not see this pricing agreement as relevant to our pricing for fiscal 2009.”

Ms Samantha Evans spokeswoman for Melbourne based BHP declined to comment.”

Mr Hu Kai a Shanghai-based analyst with Umetal Research Institute said “The FMG agreement won’t end the long talks between China and the largest suppliers. Fortescue is too small to be representative in setting benchmark prices.”

(Sourced from Bloomberg)