Oh, I am sure this will be just peachy for Japan-China relations:
China excluded from iron ore pricingCould someone please call up the Japanese steel producers and pass on the hint--you know, in a casual sort of way--that colluding to lock out Chinese producers is, technically speaking, not good--as in zenzen yoku nai for the image of the Land of the Rising Sun?
By Richard McGregor in Beijing, February 20 2006 -- China will remain excluded from the core negotiations setting global iron ore prices, say officials familiar with the talks, despite the Beijing government demanding that its steel producers be given a bigger role.
The Ministry of Commerce in Beijing said that China should have a larger say in the annual price talks, as its steel producers were responsible for nearly half of global iron ore imports last year.
However, China's dominance as an importer has yet to translate into a similarly important role in price negotiations with the world's largest suppliers in Australia and Brazil.