In protest over an alleged price monopoly, the China Iron and Steel Association has asked domestic steel firms and traders not to import iron ore from Australia-based Rio Tinto and BHP Billiton and Brazil-based Vale for two months. China has 75 million tons of iron ore reserves and production of the resource by Chinese mines was up by 18% year-on-year during the first two months of 2010. China is Australia’s most significant two-way trading partner, with total trade between the countries valued at USD 76.4 billion during the last financial year.
