Chinese steel mills on Tuesday accepted a 19-percent price hike on iron ore after extended negotiations with the world's three biggest miners.

Baosteel, the nation's largest steel producer that is representing Chinese steelmakers, reached the agreement with Anglo-Australian mining firm BHP Billion, reliable sources said Tuesday.

Baosteel also reached agreements with Australia's Rio Tinto Group and Brazil's Companhia Vale do Rio Doc (CVRD), but the prices would be released on Wednesday and Thursday respectively, according to the sources.

Source: Xinhua