Iron ore

Fascinating, I know. Actually, this is quite interesting. Well, I think so. From the Financial Times

China has almost no sources of high-grade iron ore and has to buy from outside. ... Paradoxically, any further consolidation in the iron ore industry would play into the hands of certain players in the steel industry, such as Lakshmi Mittal, chief executive of ArcelorMittal ... who have placed great emphasis on securing their own internal supplies. ( Sparks set to fly over BHP-Rio, FT,10 Nov 2007)

Postscript, 1 Feb 2008: A state-owned Chinese company has taken a stake in Rio Tinto at £60 a share (BHP Billiton is currently offering £49 in a takeover bid).