I'm a little out of my depth here but I can't see it changing the iron ore market much. If China could get their ore cheaper, they would anyway. They pay more freight ex Brazil.
What it does change is the trade negotiations. Did I hear our PM complaining of eavesdropping when in China? I also heard that big miners can't have sensitive discussions within China either so maybe it kills the contracting system and puts it all on the spot price, a method BHP prefers anyway.
This is a major ramping up of the "political game" though. And no company will begin negotiations with a Chinese company again for fear of the same result. They should be just as wary of Sth Korea too. IMHO.
