China: Hope Ore Miners Can Agree to Price in Industry's Interest

China hopes the world's three major iron ore miners can agree to a price that is in the long-term interest of the whole industry, Ministry of Industry and Information Technology spokesman Zhu Hongren said Wednesday.

Zhu, who was speaking at a news conference, said that Baosteel Group Corp. is currently representing the Chinese side in the iron ore negotiations.

Australia's BHP Billiton Ltd. and Rio Tinto Ltd., and Brazil's Vale SA are the world's three biggest iron ore miners.

The miners negotiate with Chinese steel mills every year for an annual contract price on ore supplies.

But the talks between the Australian miners and Chinese steelmakers have become increasingly acrimonious over the past couple of years, as China seeks greater price-setting power over the key industrial commodity.

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