No doubt the demand for steel has eased in the short term, hence the drop in spot prices. But the Chinese continue to buy into iron ore projects, particularly in West Africa. So the Chinese are still keen to secure their long-term supplies. Whatever happens in Europe and the US, the Chinese have a bullish view of their own iron ore needs going forward...
Yaq
p.s. Mining Tax now passed. Another impost on small IO hopefuls in Australia, not on those whose projects are in Mongolia or West Africa.
HAR Price at posting:
22.5¢ Sentiment: Buy Disclosure: Held
