There’s been widespread speculation over the past year that China wants to develop new iron ore supply chains in Africa so it can stop buying from Australia in response to steadily worsening ties between the two countries.
While there’ve been indications that’s starting to happen with new iron ore mining projects in Sierra Leone and Guinea along with the purchase of mining rights in countries like Algeria, the reality is that China remains dependent on Australia’s much higher quality and higher quantity of iron ore for its all-important steel manufacturing sector. Last year, 61% of China’s. total iron ore imports came from Australia.
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