Rio Tinto, the global miner in Australia, points out it will execute faster and shorter pricing system so as to approach to the steel spot market more closely due to tumbling price of iron ore.

The company indicates the development of Chinese steel industry is still hefty, spurring iron ore production drastically from now 222 million tons to 333 million tons by 2015.

However, Chinese steelmakers defer their procurement lately to result in falling price of iron ore in preceding two months. So far, the iron ore price has dropped to US$144~US$146/ton CFR from the highest level around US$187~US$189/ton in August.

Rio Tinto believes China still has potential demand for raw materials although the spot price of iron ore is really slack at present.