On May 21, the China Iron and Steel Association (CISA) issued a statement regarding the ongoing annual iron ore contract price negotiations for 2009. The statement reads as follows:
Some media recently reported rumors that the 2009 international iron ore price talks had concluded, first irresponsibly announcing that Japan and South Korea had reached agreements on the 2009 iron ore prices with the global mining giants and then falsely claiming that Chinese mills had agreed on a 30-35 percent cut in iron ore prices for 2009. The relevant media fabrications and distortions of fact, which not only seriously contravened media ethics but also created disorder in the market, should be condemned.
The 2009 international iron ore price talks are still in progress according to the normal negotiation rules. Greatly hit by the global financial crisis, steel mills in China, Japan, and South Korea are all taking the 2009 iron ore price talks seriously. In their negotiations with the global mining giants, the Chinese mills have always adhered to the principles of mutual communication, joint consultation, mutual benefit and long-term stability. Thus, only the result announced by the negotiating parties can be considered to be the authorized and true result.