China’s losing battle against iron ore price controls

News Snapshot:

“The fundamentals sustaining China’s long-term economic growth remain unchanged, and that is why we are confident about the future and ready to bring greater certainty to this uncertain world.” Analysts say what has changed, though, is China’s tolerance for high commodity prices as its economic position weakens. China’s economy is still expected to grow at around 5 per cent this year and more than 4 per cent next year, if official figures are to be believed, but it can no longer afford the unbridled infrastructure investment that has taken place in recent decades. Former Rio Tinto executive Stern Hu was...