Ministry of Commerce spokesman Yao Jian told media on March 16 that "As the world's biggest iron ore consumers, Chinese steelmakers' interests should be appropriately reflected in the price talks." The Ministry of Commerce will provide necessary support including trade measures to maintain a long-term iron ore price agreement mechanism.

"Before the price is decided, it's hard to say what measures will be taken, but we do have policies in reserve,"said Yao.

Australian Trade Minister Simon Crean said on Monday that neither Australia nor China should "intervene in the iron ore talks."

"China is the world's largest buyer of iron ore and should play an important role in pricing mechanism in accordance with practice. Therefore, Chinese steelmakers' interests should be appropriately reflected in the price talks." Spokesman Yao Jian said firmly in the conference.

Yao also said China hope the suppliers, the steel associations and Japanese and Korean steelmakers can work together to maintain the mechanism and prevent price volatility.