BHP Billiton Ltd. (BHP) said Wednesday it has reached agreements with more than half its customers on iron ore pricing but is still in talks over the pricing of about 47% of its iron ore volumes.

The miner said it has settled 23% of its iron ore volumes at an agreed annual contract price about 33% lower than the previous year for fines and 44% lower for lump.

This is in line with the prices already struck between rival Rio Tinto Ltd. (RTP) and Japanese steelmakers.

A further 30% of BHP's total iron ore volumes will now be sold into a mix of quarterly negotiated pricing, spot sales and index-based pricing, BHP said in a statement.

"The company believes that current settlements are indicative of continued progress towards transparent market pricing," BHP said.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com