London-based industry publication Steel Business Briefing said Thursday Australian miner BHP Billiton (BHP) has settled 2009-10 term iron ore prices with Japan's second-largest steel maker, JFE Steel.

In a news alert, Steel Business Briefing said the terms of the agreement were the same as those the company reached with rival Rio Tinto Plc (RTP) late last month.

JFE will get a 32.95% reduction in iron ore fines prices and a 44.47% reduction in lump prices, SBB said, quoting unnamed industry sources.

Among major Japanese and Korean steel mills, only JFE has reached a settlement with BHP, the report said.

BHP officials couldn't be immediately reached for comment.

Earlier in the week, Posco (005494.SE) Chief Executive Chung Joon-yang had said the company will likely conclude talks with BHP soon, at price levels similar to those reached with Rio Tinto Plc (RTP).

-By Denny Kurien, Dow Jones Newswires; +65 6415 4081; denny.kurien@dowjones.com