India has been limiting some imports due to budget problems and used to be a major exporter of iron before courts cracked down until govt could get a handle on illegal mines

since Australia is major Chinese supplier we can thank Australian govt they levied a 30% export tax May 2012,which helps support iron prices

does somebody want to look up how much iron the USA produces and consumes-

after WW2 the USA was 70% of the world economy for some years while Mao was suppressing development,esp with his 1967 cultural revolution,which e.g. jailed professors etc- a bicycle economy-
so China is still playing catch up the hard ball way as news reports frequently mention-something that didnt seriously start til 1981 after Maos death,as Mao saw capitalism as evil-Mao is rolling over in his grave -"didnt I teach you anything?"
Given that Mao was considered a god via the brainwashing machine of his time, its very interesting how they were able to make the philosophical switch to capitalism-but the dictates that come out of the communist central committee are a scary reminder