Rio Tinto said in a statement that Taiwan’s CSC and Dragon have agreed on the same price terms as their counterparts in Japan and South Korea in the 09 iron ore contract prices, adding difficulties to the ongoing negotiations the Chinese side is taking part in. The CISA deputy vice president Luo Bingsheng said China has mapped out a new plan that could lead to closing a deal by the end of June. He stressed the new price should return to the level of 2007, namely slashing by at least 40 percent year-on-year. There would be a surplus of 200 million tons of iron ore stocks this year if traders and producers continue to import iron ore. According to senior officials with Hebei Iron and Steel, there is room for the iron ore prices to further decline and the CISA should stick to its stance.