Chinese Mills Reject Rio's Ore Price Push, People Say (Update3) Feb. 22 (Bloomberg) -- Chinese steelmakers, the largest buyers of iron ore, will reject Rio Tinto Group's demand for a minimum 71 percent price increase in the raw material, two people familiar with the negotiations said. The mills will only accept a 65 percent price gain for ore from London- based Rio's mines in Australia, said the people, who declined to be identified because the talks are confidential. Rio, the world's second-biggest iron ore exporter, wants a higher price because of its premium ore and proximity to China, which reduces shipping costs. Chinese mills have failed to arrest advances in prices that have risen to records in each of the past five years, driving up costs
