Steelmakers yet to reach price deal with global ore firms

Major Chinese steel mills have not reached an interim price deal with BHP Billiton Ltd as reported by foreign media earlier this month, a sign that Chinese steelmakers will consolidate their efforts in upcoming benchmark iron ore price negotiations.

One source representing a major State-owned steel mill said no price deal has been reached between major Chinese steelmakers and the world's three biggest iron ore suppliers, Rio Tinto Group, BHP Billiton Ltd and Vale SA.

"We agreed to consolidate our efforts in this year's price negotiations during an internal meeting of the China Iron and Steel Association in early February," said the source. "No one would be so foolish as to arrive at any interim deal with talks still ongoing."