Cisa gives up on ore pricing

BEIJING - China's steel lobby, China Iron and Steel Association (CISA), on Wednesday acknowledged that Chinese steel mills have signed individual deals with global miners, but said iron ore price negotiations have not ended.

"Considering the operating pressure and difficulties of steelmakers, they can now talk with the big three miners and buy iron ore at provisional prices under CISA's regulations," said vice-chairman Luo Bingsheng.

"It is totally the individual business of companies," he said. "They (the three miners) offer a price we don't accept, that doesn't mean the end of negotiations. The price talks are still going on."