The Chinese have developed a new smelting process that is 3600 times more efficient. It reduces the smelting process from hours to a few seconds.
It can also use low grade iron ore to make high grade steel. China has abundant low grade ore, so wont need the high grade ore it currently gets from Australia.
Considering 80% of Australia's iron ore goes to China, this is very bad news for Australia.
With coal mines closing down and now the potential loss of iron ore exports, this will make balancing budgets for future governments very challenging.
I'ld post the article, but don't know how to. Sorry.
I guess nothing is going to last forever. We have been facing increasing competition from other countries in relation to our iron ore and the market was going to tighten considerably.
I remember as a child when the UK entered the European Common Market and we were all told of the gloom to follow with our dairy and wool industry to supposedly collapse.
