Steel companies urged to boycott

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.

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