This will be the last metals post. That headline is an eye-opener.
From The Australian:
CHINA is expected to take 50 per cent of BHP Billiton's iron ore this year, compared to 20 per cent in 2002.The mining giant's iron ore sales into China will total $5,293 million in the second half of fiscal 2007, a significant jump from $3,999 million in the first half of the financial year.
This was revealed by the president of its iron ore division, Ian Ashby, at an Australia China Business Council function today.
Mr Ashby said China's share of global iron ore demand would exceed 45 per cent in fiscal 2007 compared to about 8 per cent in 1996.
Japan, with a population base of about 120 million, took 25 years to industrialise, so it was fair to assume that China's industrialisation will go on for many more decades, given its population of 1.1 billion, Mr Ashby said....MORE