Canada to target smuggling of steel intended to dodge US tariffs

Simply put, China has built too much, too quickly.

A build-up in steel inventories and a steep drop-off in demand as China's building boom begins to look more and more unsustainable send iron ore down 3.4% in just the last week and more than 25% below the $174 a tonne struck this time last year.

Citic Pacific Mining executive chairman Dongyi Hua says "soaring demand for Australian food, particularly beef, among China's 100 million wealthy people could buffer Australia's economy from the effects of an end to the mining boom" particularly given the risk that iron ore prices could fall further.

The Democratic Party which campaigned on sharing more of the spoils of mining with Mongolian citizens won the majority of seats while the junior partner in the new ruling coalition, the MPRP – led by a former president Nambaryn Enkhbayar – bases its whole doctrine on taking back foreign-owned mines.

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This was the year for Australia’s mining boom Martin Ferguson hinted on Monday. The Resources Minister highlighted the end of the high commodity prices era that will force the country’s industry to increase its productivity and develop new technologies in order to remain competitive.

The unprecedented success of Australia's mining sector, which enabled the country to successfully weather the financial crisis and has triggered a surge in the Aussie dollar, may have caused irreparable damage to the Great Barrier Reef

Sunday Times reports (paywall) that BHP Billiton, which is shedding its non-core operations, is looking for a buyer for its Mount Nimba iron ore project in Guinea.

China plans to diversify iron ore imports and increase the ratio from independent miners to 50%, according to comments made Wang Xiaoqi, vice-chairman of the China Iron and Steel Association.