Rio Tinto planning iron ore price cuts

Rio Tinto Group, the world's second largest iron ore producer, offered a temporary 20 percent price cut to Asian steelmakers after annual contract negotiations stalled, said four executives with knowledge of the deal.

Major customers were offered the interim discounts, two of the executives said, declining to be identified because the agreements are confidential.

Some Chinese mills rejected the discount as too small, the two other executives said, without saying how many companies were approached.