That is a key issue alongside other questions raised recently by The Australian, which has revealed that a number of Chinese firms are holding back applications for Australian investment. They have sent people on courses, they have seconded them to Australian firms — maybe joint-venture partners — and they have sought a long exposure to the way we do business. The benchmark price is up at least 65-71 per cent for the year from April 1, and the Australian suppliers are confident of gaining at least a modest premium from their Chinese buyers to acknowledge the cheaper freight costs from Australia. Three months ago, a senior official in this NDRC division, He Lianzhong — who played a key role in determining which state-owned enterprise could negotiate to take a stake in Fortescue Metals Group, a move that ultimately failed — was jailed for 12 years for corruption. A fortnight ago, the NDRC organised a seminar involving top government officials and company executives, including people from the China Iron & Steel Association, Sinosteel, China Metallurgical & Mineral Industry Association, Baosteel, Shousteel, Angang Steel and about 10 other steel producers. read more

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