Beijing Creates New State-Owned Iron Ore Giant to Weaken Australian Miners

Beijing Creates New State-Owned Iron Ore Giant to Weaken Australian Miners
Laborers work at a steel plant of Shandong Iron & Steel Group in Jinan, Shandong province, China, on July 7, 2017. Stringer/Reuters
Daniel Y. Teng
Updated:

In a bid to gain control over iron ore prices, Beijing has created a new state-owned mineral giant that will be responsible for exploration and mass bulk buying of the commodity.

The move will be aimed at giving China greater bargaining power over major iron ore producers like Australia’s BHP and Rio Tinto, who will be forced to negotiate with the new entity to access the vast Chinese market.

Daniel Y. Teng
Daniel Y. Teng
Writer
Daniel Y. Teng is based in Brisbane, Australia. He focuses on national affairs, including federal politics and Australia-China relations. Got a tip? Contact him at [email protected].
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