DALIAN, China, Sept 28 (Reuters) - Spot and benchmark iron ore prices are quickly converging, a senior executive at the world's largest iron ore miner said, acknowledging that Asian steel mills still prefer a quarterly pricing system.
Jose Carlos Martins, head of ferrous business for Vale SA
Earlier, the head of the China Iron and Steel Association had railed against volatile spot pricing and said indexes based on spot deals were not representative of the market. [ID:nTOE68R022]
Chinese spot steel traders say they are monitoring various indexes as well as swap trading in Singapore, but are still negotiating each cargo directly with miners. (Reporting by Lucy Hornby; Editing by Chris Lewis)