According to a report in the Australian Financial Review, China will seek to reduce its reliance on Australian iron ore.
Instead, the nation is moving to increase its domestic iron ore product and increase investment in other overseas mines.
“China has long been disappointed that it relied on Australia and Brazil for iron ore,” Mike Smith, North Asia Correspondent for the Australian Financial Review, told the 6PR Breakfast.
He stated that for China, which uses more iron ore than any other country in the world, it cannot produce it itself even though it has a large steel industry.
Mike Smith said, “This disappointment increased last year because iron ore prices were very volatile and quite high. Now China is additionally motivated by the fact that Australia and China are not getting along, it no longer wants to do us any favors, so it is desperately looking for alternative sources of supply.” He spoke as
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