Chinese steel producers must agree on a benchmark iron ore price for 2010 if they want contracts to continue, Geoff Plummer, chief executive officer of OneSteel Ltd., said.

"If China wants a contract it must agree on a contract price (this year)," he said during a conference call to discuss the Australian company's fiscal first-half financial results, adding that "spot iron prices really reflect where the market is at."

Major iron ore producers BHP Billiton, Rio Tinto and Vale are trying to hammer out 2010 contracts with their Chinese customers after a benchmark price failed to materialize last year.

"We are a...