china and iron ore, page-34

Mal Randall mentioned that there are around 500 ~ 600 "dirty" steel mills in China which need to be shut down due to the high degree of pollution.

Chinese are using the current financial meltdown as a window of opportunity to shut down these mills.

Now that's convenient, isn't it? Just in time to coincide with negotiations for next year's contact prices. All we get to hear is that Chinese steel mills continue to be shut down due to lack of demand.

Don't be surprised if part of that A$832 billion stimulus plan is set aside for modernising most of those outdated, inefficient and polluting steel mills.