A Chinese steel association and a chamber of metals trade said Thursday China's steel mills have agreed to a 19 percent price hike for iron ore, while voicing a pity that "negotiations breached rules."

A joint statement issued by the China Iron and Steel Association and China Chamber of Commerce of Metals, Minerals and Chemicals Importers and Exporters expressed a "strong hope" that both sides make a joint research into and seek a reasonable solution to the out-of-rule behavior in the talks.

China's biggest steelmaker, Baosteel Group, which was representing other major Chinese steelmakers in the negotiations, agreed Tuesday with Australia's BHP Billiton Ltd.

Steel products of a Shanghai-based steel enterprise. A Chinese steel association and a chamber of metals trade said Thursday China's steel mills have agreed to a 19 percent price hike for iron ore, while voicing a pity that "negotiations breached rules." [newsphoto]

And similar agreements also were reached with Australian miner Rio Tinto Group and Brazil's Companhia Vale do Rio Doce SA. The details would be released later in the week, earlier media reports said.

(For more biz stories, please visit Industry Updates)