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Chinese senior diplomat calls for rational iron ore price


13:16, November 22, 2012

SYDNEY, Nov. 22 (Xinhua) --- The Consul General of the People' s Republic of China in Perth, Wang Yiner Wednesday has led fresh calls for the establishment of a "fair and equitable" price mechanism for iron ore and a return to a rational iron ore price at a key international mining forum in Perth.

In a keynote speech to some of the world's leading miners at the Midwest International Mining Forum in Western Australia, Wang identified the volatile price of iron ore as a negative influence on both the Chinese steel industry, as well as the ongoing resource cooperation between China and Australia.

"So as to strengthen cooperation, (officials must) explore the possibility of establishing a fair and equitable price mechanism for iron ore and promote the return to rationality of the iron ore price, thus laying a solid foundation for the continuity, stabilization and deepening of cooperation between China- Australia mining industries over the coming decade," she said.

In Western Australia alone the resources industry was worth 107 billion Australian dollars in 2011 and the iron ore sector in particular is now the State's leading commodity, generating 62.8 billion Australian dollars in sales with shipments totaling 427 million tons. The great majority of that iron ore heads directly to China.

In 2002, China imported 42.78 million tons of iron ore from Australia, at an average price of only 15.8 U.S.dollars per ton. In 2011, Australia exported 300 million tons of iron ore to China, whereby the highest price had reached 180 U.S.dollars per ton in February 2011.

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