China wants two month boycott on Australia/Brazil iron- 07 Apr 10

A large Chinese association has urged its own steel companies to avoid large iron ore contracts with Australia and Brazil.

The China Iron and Steel Association has urged the companies to stop buying iron ore from the top three miners, Australia's Rio Tinto and BHP Billiton and Brazil's Vale, as a protest against commodities monopolies.

The association has suggested domestic steel firms stop dealing with the overseas companies for a period of two months so China and call on its own iron ore reserves.

According to reports, Chinese iron ore production was up by 18 percent year-on-year during the first two months of 2010, giving them the opportunity to exist for two months without international help.

Apr 7, 2010 09:54
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