bottom line would have to be to factor in an iron ore price...

bottom line would have to be to factor in an iron ore price increase for next year imo, this is gonna cost the chinese plenty and they cannot afford to sit back and rely on the benevolence of bhp/rio, the chinese will be forced to spend billions to expand alternate sources of supply if they are to hope to "keep the bastards honest" (to borrow a phrase)

they must be weeping in beijing now i would think, problem is they attempted to gouge to hard in the first instance, in hindsight a softly softly approach would have been preferable