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BEIJING, March 31 -- The shifting of a 40-year-old system of setting annual iron ore prices to a short-term pricing mechanism may shake up the Chinese steel industry by creating an even playing field for all steel mills - large and small - in terms of raw material costs.BHP Billiton said on Tuesday that it had concluded agreements with a significant number of Asian customers to shift pricing for the majority of its iron ore to short-term contracts, which are based on market prices.A worker at Liaoyang Iron and Steel Company, Liaoning province. There are 1,200 steel mills in China, but only 112 have licenses to import iron ore at long-term prices. Unlicensed firms have to buy iron ore from the spot market.Vale wants a new pricing system every quarter, said Pedro Gutemberg, director of marketing and research at Vale in Beijing on Tuesday, speaking at an industry conference"A more time-adjusted pricing mechanism is needed in order to better reflect real market prices," he said. "Benchmark prices are over. This is a market-oriented industry."That shift may be of some value to smaller steel mills."Vale has offered quarterly priced iron ore to us, which means we could buy iron ore at the same prices that large steel mills pay," said a sales manager at a small, private steel mill that doesn't have an iron ore import license.

KABUL, April 25 (Xinhua) -- Two Chinese hostages who have been held by Afghan militants for over three months were released Saturday, the Chinese embassy said here Sunday.Yin Juming, the embassy charge d'affaires, told Xinhua that the two Chinese nationals working with the China Railway 14 Bureau were set free by the militants in western Afghanistan's Faryab province.Zhang Fengqiang, an engineer, and Wu Yulin, a worker, were seized by militants who claimed to be Taliban insurgents on Jan. 16 enroute from the working site to the residence camp in the province, said the Chinese diplomat.The duo were awaiting the journey back to China to reunite with their families, he said.

BEIJING, May 7 (Xinhua) -- Senior Chinese leaders He Guoqiang and Zhou Yongkang on Friday urged the country's prosecutors to stick to just and incorrupt work practices.The fight against corruption is still very difficult and the campaign of building a clean-fingered Party and government should be firmly pushed forward, said He, member of the Political Bureau Standing Committee of the Communist Party of China (CPC) Central Committee and head of the Central Commission for Discipline Inspection of the CPC.   He Guoqiang (L Front), a member of the Standing Committee of the Political Bureau of the Communist Party of China (CPC) Central Committee and head of the Central Commission for Discipline Inspection of the CPC, visits an exhibition showcasing the development of China's prosecution system, in Beijing, capital of China, May 7, 2010.He made the remarks when visiting an exhibition showcasing the development of China's prosecution system.

BEIJING, June 2 (Xinhua) -- China's vegetable prices will fall further with increasing supplies as temperatures continue to climb, the National Development and Reform Commission, the country's top economic planner, said Wednesday.Average retail prices for 15 kinds of vegetables, including tomatoes, cucumbers and eggplants, dropped by 10.15 percent in May from April, the NDRC said.Prices for some vegetables fell drastically when the peak supply season came by the end of May, it said.NDRC monitoring showed prices of cucumbers on May 26 averaged 4.04 yuan (59 U.S. cents) per kg, 22 percent down from a month earlier while green rape dropped 20.1 percent in price month on month to 7.82 yuan per kg.In China, food prices account for a third of the weighting in the consumer price index (CPI), a main gauge of the country's inflation.China's CPI picked up in April, rising 2.8 percent year on year because of lower comparison base last year and rising food prices because of adverse weather.The government set a target to keep the full-year growth in the CPI at about 3 percent this year.

CHONGQING, May 19 (Xinhua) -- Four miners are missing after a coal mine collapsed in southwest China's Chongqing Municipality Wednesday, local authorities said.Five miners were working underground when the coal bed at the Xiaowan Coal Mine collapsed at around 1 p.m. Wednesday in Zhonggang Town, Wuxi County.One miner was lifted to the ground unhurt.Rescuers are searching for the missing miners.

来源：资阳报