The seaborne iron ore market remains uncompetitive despite the decision by mining majors BHP Billiton Ltd. (BHP) and Rio Tinto Ltd. (RTP) to terminate a planned iron ore joint venture in Australia, the World Steel Association said Tuesday.

"We are obviously pleased that this joint venture is no longer going ahead," World Steel director general Ian Christmas said.

"However, the decision not to proceed with the JV does not address the already uncompetitive nature of the seaborne iron ore market where the top three mining companies have a combined share of about 70%," Christmas said.

He noted that the largest steelmaker globally in comparison controls 10% of the steel market.

-By Devon Maylie, Dow Jones Newswires; +44 (20) 7842 9483; devon.maylie@dowjones.com