The Ministry of Commerce has strongly criticised overseas firms over the annual iron ore pricing negotiations. A statement on the ministry’s website said intervention would be necessary if suppliers of the commodity are deemed to be making �unreasonable monopoly profits�. These global iron ore traders were �violating the rules of fair trade�, after a record 71.5% price rise last year. CVRD of Brazil and Australia’s BHP Billiton and Rio Tinto lead the yearly price talks, as they are responsible for about three-quarters of seaborne iron ore trade. China is the world’s top iron ore buyer, taking in 275 million tonnes for its steel industry – 43% of imports.