China Locks Out BHP and Rio Ore
AUSTRALIA’S mining giants have been blackballed from selling iron ore into the lucrative Chinese daily spot market, in a dramatic escalation of their battle to extract more value from the world’s most powerful steel industry.
The boycott is being orchestrated by industry arms of the Chinese Government. It may have already cost Australia as much as $300 million in export profits, Australian mining sources say.
Also related, see a previous post on CDT about the new role of state-owned corporation investing abroad.