BEIJING (Commodity Online): In a strategic move, Rio Tinto Ltd said this week that iron ore sales to China could be priced differently to other markets in 2010 but it will also resist any attempts by Chinese steel mills to set unfair benchmark prices.

Efforts by major iron ore producers to reach a settlement on the benchmark price into China failed this year, as big steel mills demanded a better deal than their non-Chinese competitors.

Any number of scenarios could relate to an outcome in 2010, with one scenario being a different pricing mechanism in China to the rest of the world.

A rise in iron ore benchmark prices would be a turnaround after the 33 per cent fall this year, which was sparked by the collapse in commodity prices.

The spot price has risen from lows of around $60 per tonne mid year to prices of just around $US90 per tonne.

Rio Tinto and other major iron ore producers failed this year in a bid to get Chinese steel mills to agree to a benchmark price for iron ore.

Chinese mills were seeking a better deal than competitors elsewhere to reflect their dominance in the market.

Rio Tinto also told investors about the hurdles it faced in finalising its huge proposed iron ore joint venture with BHP Billiton Ltd in Western Australia.

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