BHP Chief Marius Kloppers has ignored expectations that he would placate the world's most powerful steel industry, promising instead to smash China's preferred iron ore price setting system whether or not he succeeds in swallowing Rio Tinto.

The move demonstrates how a BHP-Rio merger will transform the global commodities trade - and reveals the quietly-spoken, strategic aggression of Mr Kloppers.

He told engineers, steel makers and officials in Beijing yesterday that he would create a new iron ore market place, managed by a third party, which would trade real ore shipments as well as "derivatives" on a futures exchange.

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