China, the world's biggest iron ore importer, hopes annual iron ore talks will reach a "reasonable solution," said Luo Bingsheng, vice chairman of the China Iron and Steel Association Friday.

"We hope to get a win-win solution at this year's (iron ore) talks," Luo told reporters at the association's quarterly press briefing.

China's iron ore imports should be settled at one unified price, Luo said, adding that he expects this unified price to be reached via the annual negotiations.

China should develop more local iron ore mines to meet its rising demand, Luo said, noting that the country will need both foreign and domestic iron ore to supply its fast-growing steel industry.

The association is leading China in the price talks with Rio Tinto PLC (RTP), BHP Billiton Ltd. (BHP) and Brazilian miner Vale SA (VALE), which have broken down amid the espionage and bribery charges.

-By Chuin-Wei Yap, Dow Jones Newswires; 8610 6588 5848; chuin-wei.yap@dowjones.com