finacial review article

The Australian Financial Review

April 5, 2007 Thursday

ABIX NEWS SUMMARIES; Pg. 23

176 words


Chinese move to lock up steel supply chain

Michael Vaughan



ABSTRACT

Chinese steelmakers are investing billions of dollars in iron ore projects in Australia. They are desperate to secure future supplies in a highly competitive market and to break the control on prices by major producers BHP Billiton, Rio Tinto and Brazil's CVRD. They believe they have been blackmailed into paying a 71.5 per cent increase in the price of iron ore over the three years to 2007. Mining industry experts say the investment drive is providing unprecedented opportunities for junior explorers The following companies were referenced in the original article /COMPANHIA VALE DO RIO DOCE/PORTMAN LIMITED - ASX PMM/BHP BILLITON LIMITED - ASX BHP/RIO TINTO LIMITED - ASX RIO/SHOUGANG (CAPITAL IRON AND STEEL) COMPANY LIMITED/GINDALBIE METALS LIMITED - ASX GBG/AUSTRALASIAN RESOURCES LIMITED - ASX ARH/DELONG INCORPORATED/SINOSTEEL CORPORATION/MIDWEST CORPORATION LIMITED - ASX MIS/FORTESCUE METALS GROUP LIMITED - ASX FMG/SHANGHAI BAOSTEEL GROUP CORPORATION/ATLAS IRON LIMITED - ASX AGO/TRAFFORD RESOURCES LIMITED - ASX TRF[#s070405temp.day#].

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