China's steel producers may pay higher prices for their iron ore supply after Asia's largest steel firm, Nippon Steel, agreed to pay 71.5% more for its supply this year, raising expectations that Chinese steel producers will face similar price hikes. China's largest steelmaker, Baoshan Iron & Steel, will soon begin talks with foreign iron ore suppliers on behalf of China's steel mills. Meanwhile, Kunming Iron & Steel (Kungang) has decided to delay its initial public offering, while Baosteel cited market conditions for the delay of its planned sale of A shares.