Reuters reported that Brazilian mining company Vale offered few clues about the upcoming price negotiations led by China under the 40 year old benchmarking system after last year's talks ended without a conclusive agreement.

Mr Jose Carlos Martins ED ferrous metals of Vale told reporters that the parties involved would reach a mutually satisfactory solution but declined to say whether or not Vale was in talks or when it expected to close an agreement.

Iron prices on the increasingly influential spot market have soared in recent weeks, boosted by a jump in China's commodity imports and leading analysts to predict benchmark increases this year between 20% and 50%.