What are China going to make steel with if Australian Iron Ore were to stop arriving in their Ports overnight ?
Answer very simply is nothing, China have had 20 years to move away from Australian Iron Ore including when they built their new steel making facilities over the last 20 years where they chose 90% of those new plants to be Basic Oxygen Steel(BOS). The reason they did that because they had a reliable supply of Iron Ore from Australia and apart from Brazil sweet FA from anywhere else especially closer to home(Russia, Myanmar, Mongolia, Kazakhstan, etc).
Chinese wish to make steel for the very good profit margins steel provides currently they talk to Australian Iron Ore producers, reason being they have no other choice and that won't be changing before the end of the decade. China don't want to purchase Australian Iron Ore then they close their steelmaking industry and let other countries supply the world with steel made from Australian Iron Ore.
Iron ore price, page-33962
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