China and the world’s largest miners on Tuesday failed to agree on the annual price of iron ore, pushing the steel and mining industry into uncharted territory and further diminishing the 40-year-old price system known as the benchmark.

Rio Tinto, the world’s second-largest iron ore producer, had set a deadline of Tuesday night for an agreement, when some of its long-term contracts with Chinese steelmakers expired. The expiration of these contracts allows the miner to sell the ore at spot prices.