The process is verging on farce. The Chinese Iron and Steel Association, China’s chief negotiator in setting prices for annual purchases of iron ore, is in the ludicrous position of trusting no one.

While an arm of the government is accusing Rio Tinto, the producers’ representative, of six years of spying, resulting in more than $100bn of excessive charges for iron ore, Cisa can’t very well sign off on an industry-wide benchmark settlement. Meanwhile, Cisa officials continue to maintain that spot markets are in the grip of speculators and thus do not reflect real demand.