There is another issue that hasn't been addressed. In the past,...

There is another issue that hasn't been addressed. In the past, BHP RIO and Vale have ruthlessly exploited periods of high demand with sky-high prices. Not long ago, they flooded the market with cheap ore in an apparent attempt to put FMG out of business and to make new mines unviable (copying the Saudis wrt oil). The fact that they could flood the market so easily when it suited them suggests that their other actions were exploitative. Well, gouging your customers is not exactly a good way of endearing you to them. Their next thought will be how to get out of the gougers' clutches. There is a massive advantage to China Railway if it has its own guaranteed supply on pre-agreed and reasonable terms. I think that could be worth more than China's environment push, important though that is.