Good article in the West Australian today about the WA Premier trying to get Chinese finacial help for the Geraldton Port Project.
Bullish really for Magnetite, here is part of the report.
Most iron ore shipped from Australia - including Rio Tinto, BHP Billiton and Fortescue Metals Group's production in the Pilbara - is high-grade hematite ore. But China wants more lower-grade magnetite ore.
Magnetite has iron content of about 35 per cent compared with hematite's 60-plus per cent. But magnetite is processed into a concentrate of about 66 per cent purity, which many newer Chinese steel mills prefer.
Chinese officials told Mr Barnett they wanted more magnetite to use in more sophisticated and higher-value steelmaking, which consumes less energy and causes less pollution - key objectives of the Chinese Government.
China wants magnetite concentrate production to rise from 8-9 million to 50 million tonnes. END.
Has anyone else noticed a concerned effort at the beggining of trade that someone sels knocking the price down, on a daily basis. Could this be deliberate?
chinese interest in magnetite
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