The annual iron ore price talks began in 1981. Since then, suppliers and steel makers worldwide have negotiated to nail down prices for the annual supply deal. Generally, the international iron ore market is divided into two parts - Asia and Europe. The two segments fix their prices separately. In the Asian market, Japanese steel companies are major clients. Wile German manufacturers represent the European market. On the other side, the world's major iron ore suppliers are Australia's Rio Tinto and BHP Billiton, as well as Brazil's Vale SA. Since 2008, Australia's third largest miner, Fortescue, began to participate in the talks as well. Under the convention, if any of these four mining companies reaches an agreement with any of the major steel makers, the price talks end. The other suppliers and steel firms must accept the new prices. But Rio Tinto and BHP Billiton broke the convention last year by refusing to accept the new prices.