China determined to break the grip of the three major global iron ore miners

Monday, July 25th 2011 - 21:01 UTC

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China, the world's largest steelmaker and iron ore consumer, has set a target of dramatically increasing ore imports from Chinese-invested resources in the steel industry's 12th Five-Year Plan (2011-2015), an industry official said. Read full article

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LWCata
Aaahh, the “12th Five-year Plan” for steel. 60 years of tenacious climbing to become the number one user, producer, and repository, for 'steel'. A significant achievement, considering the next phase which is to build a significant 'deep-water navy' in the next 25 years.

That's the thing about centralized government; planning, planning, planning. That's also what makes China attractive to foreign capitalists, who look at China planning things for the next 50 years and they look at America, and can't plan past the next election. Make no mistake; free elections are not the instrument for “long-term” capital formation.

They may talk a 'democratic game', but there is no question that they look for long-term gains from the most repressive regimes in the world, and under that venue, China is not such a bad place to do business, eh?

The imbalance of the US, having 5% of the world population and using 20% of the worlds resources, is putting both economic and military(AFRICOM) pressure on the US economy. Both in terms of labor and 'finished goods'; of those made with steel being the most lucrative.

China is hoarding steel because it knows that at some point the Americans will have no choice but to confront their resource imbalance, and when that happens, it will take steel to address 'the issue'.

My father's time was one of “iron men and wooden ships”, now we have “iron ships and wooden men”. A lesson not lost on a nation wishing to win the 21st Century.
Jul 26th, 2011 - 02:01 pm - Link - Report abuse 0
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Rob the argentine
China made the decision to become the first and strongest economy in the world. Every thing shows they will get it sooner than later.
Jul 27th, 2011 - 06:19 am - Link - Report abuse 0
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GeoffWard2
And all those South American nations that presently own their raw materials and make profit from selling them to China, should sit up and take note
- China intends to buy the valuable real-estate - the geographical areas of the South American countries that have resources, strip them of the resources and then, probably, leave and/or 'sell back' the land, slag and spoil heaps.

Ambiental renovation is not on the agenda as it reduces profits unnecessarily.

SA politicians and big business will sell the land for immediate (public)/private gain, and will not be around when the derelict legacy problems require very long term public billions to redress the blighted land-conditions.
Jul 27th, 2011 - 10:04 am - Link - Report abuse 0
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