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PrintA bold push by China into iron ore projects in Africa and elsewhere will increase its access to
supply and may help moderate prices but will only slowly reduce its dependence on the three companies that dominate the market.
About 85 percent of the imports of the raw material to make steel came from only four countries -- Australia, Brazil, India and South Africa.
Beijing has stepped up its campaign to break that dependence by investing in mining projects in places such as west Africa, where it has agreed on a spate of joint ventures and is seeking other deals, including a proposal to swallow a whole company.
These projects could produce up to nearly 250 million tonnes of ore annually in the medium to long term. The Chinese government has encouraged steelmakers such as Baoshan Iron and Steel and Wuhan Iron and Steel to gain more control over foreign iron ore.
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