ANALYSIS: Why China will continue to play the isolation game with Australia
But reports last week that a Chinese steelmaker Baowu had secured a deal with the mine's joint venture partners, led by Rio Tinto, indicate that Beijing has become serious about finding new sources of iron for its industrial output.
Other Asian countries such as South Korea, Taiwan and India last year overtook China as our biggest export destination, while exports to Japan also grew strongly. But it also would be mindful that it holds a powerful whip hand too, given around 80 per cent of Pilbara iron ore is shipped to the Chinese mainland. But it needs to secure alternative sources, and that's where Simandou enters the picture.If there's lessons to be learned, Australia's big iron ore exporters need to consider the possibility that Beijing, on a whim, may one day decide to "unofficially ban" Australian iron ore just as it did with coal.
But the removal of continuous lockdowns at Chinese ports and factory closures has suddenly helped buoy financial markets across major Western economies. The Australian stock market is sitting within a whisker of new records.
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