BHP Billiton has matched Rio Tinto’s near 100 per cent price hike for 2008-2009 iron ore deliveries, Chinese industry officials said on Friday, ending protracted talks over contracts worth billions of dollars.

The officials confirmed an unsourced report in the Australian Financial Review that BHP Billiton, the last hold-out in bitter-fought talks, had secured terms in line with takeover target Rio’s 96.5 per cent increase for iron ore lumps and a 79.88 increase for fines, won from Baosteel two weeks ago.