China is not happy after being snubbed by Rio Tinto, and the China Iron and Steel Association is denying reports that they have agreed to fall into line with Japan and Korea by accepting a 33% drop in iron ore prices. China had been pushing for a 40%+ drop. The Australian newspaper reports. Elsewhere, a Chinalco spokesperson has said that Rio Tinto acted dishonourably in their negotiations and the Australian government is feverishly working to keep relations cordial with their most important trading partner.