The annual iron ore prices talk originally began in 1981. In the talks, suppliers and steel makers negotiate on prices for the whole year.

There are three major suppliers: Australia's Rio Tinto, BHP Billiton and Brazil's Vale. In 2008, Australia's third-largest ore producer FMG began to take part in the talks.

Annual iron ore price talks between China and top international miners, which were scheduled to end on April 1, have yet to yield results, as Brazil's Vale and BHP Billiton of Australia want to increase 2010 ore prices by 90 percent from the previous year. The two ore giants are also looking to downsize the contract from a yearlong commitment to a quarterly one.

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