A super large iron ore deposit consisting of a blend of magnetite and hematite with grades ranging from 25 to 62 percent was found in Qiaotou County, Benxi City of Liaoning Province. The proven reserves of the deposit are conservatively estimated at three billion tons with actual reserves perhaps doubling. The discovery, coupled with the CISA’s harsh crackdown on speculative iron ore imports, is very likely to play an important role in the ongoing iron ore price talks, presenting the Chinese side more confidence and time to seek the desired settlements of a 40 percent year-on-year markdown.