FACTBOX-Benchmark Asian iron ore prices since 1992

June 30 (Reuters) - Chinese steel mills and global miners
have until the end of the day to agree annual iron ore term
prices, a deadline that may prove flexible as the two sides
struggle to reach a deal.

A failure to strike a deal would mean China having to buy
most of its ore on the volatile spot market and signal a
collapse of the decades-old benchmark pricing system.

Rio Tinto Ltd (RIO.AX) (RIO.L), the world's No.2 iron ore
producer, has maintained it is ready to sell to its customers
on whatever basis they prefer, but has shown no inclination to
go lower than a 33 percent price cut it agreed with Japanese
and South Korean customers.

China has fiercely resisted anything less than a 40 to 50
percent reduction in prices from 2008 levels, although its
negotiating power has been undermined by a recent recovery in
iron ore prices.

Following is a table of iron ore settlement prices for
Asian steelmakers based on data from Macquarie Group (MQG.AX)
investment bank. Prices are in U.S. cents per one percent iron
per dry tonne.

c/mtu c/mtu Pct change YoY

SSF Carajas SSF Carajas
1992 28.11 28.60 -4.9 -4.8
1993 25.02 25.51 -11.0 -10.8
1994 22.65 23.14 -9.5 -9.3
1995 23.96 24.45 5.8 5.7
1996 25.39 25.88 6.0 5.9
1997 25.67 26.16 1.1 1.1
1998 26.40 26.89 2.8 2.8
1999 23.49 23.98 -11.0 -10.8
2000 24.52 25.01 4.4 4.3
2001 25.57 26.06 4.3 4.2
2002 24.96 25.45 -2.4 -2.3
2003 27.20 27.70 9.0 8.8
2004 32.27 32.76 18.6 18.3
2005 55.34 56.18 71.5 71.5
2006 65.85 66.85 19.0 19.0
2007 72.11 73.20 9.5 9.5
2008 from Vale

118.98 125.17 65.0 71.0
2008 From Rio Tinto

Pilbara fines Pilbara lump Fines Lump

144.66 201.69 79.88 96.5
2009 From Vale (with Japan/Korea)

Southeastern Southeastern

System fines System lump

85 99 -28.2 -44.5
2009 From Rio Tinto (with Japan/Korea)

Pilbara fines Pilbara lump Fines Lump

97 112 -33 -44.5

Source: Vale, Rio Tinto, Macquarie Research
(Compiled by Miyoung Kim; Editing by Michael Urquhart)