Iron ore talks go into extra time

Though the annual iron ore pricing negotiations appears to be delayed as both sides are in no mood to back off from their respective stances, the country's steel industry does not seem to be too perturbed by the fact.

China's talks with the three major miners are still going on and it is still insisting on a 40 percent price cut from last year's price, Chen Xianwen, director of the China Iron and Steel Association's market department, was quoted yesterday by Xinhua News Agency.

But he declined to disclose any progress or China's schedule for the talks.