Business
China’s five-year plan to slash Australian iron ore imports – The Australian Financial Review
China wants to source almost half its iron ore from domestic operations or from offshore investments by 2025 in an ambitious plan to wean itself off Australian…
Chinas leaders have expressed concern about surging iron ore prices, which have jumped from about $US80 a tonne in April last year to a record $US233.10 a tonne last week.
China is largely dependent on Australia and Brazil for the iron ore needed to fuel its enormous steel-making capacity. It is believed domestic production currently makes up less than 20 per cent of its needs.
These measures will not change Chinas reliance on Australian iron ore, at least not in the next two years.
China-based…
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