Steel lobby official takes tough stand on iron ore pricing talks

China would rather give up on annual negotiations for iron ore pricing contracts than accept the 33-percent cut proposed by global miners, a key official with the steel industry lobby said yesterday, even as he confirmed that the latest round of talks would see some progress within the next 10 days.

"CISA has put the foot down and will not compromise on its stance. You will see the result in around 10 days," Li Xiaowei, vice-chairman of the China Iron and Steel Association (CISA) and chairman of the State-owned Hunan Valin Iron & Steel Group, said.

"We will ask for a better rate, otherwise we would rather give up on the annual negotiations for iron ore pricing," he told China Daily at an Australia-China investment forum.