China’s interest in the Australian iron ore project has been declining rapidly, as China’s investment in mines, ports and railways has been billions of dollars, but it has not weakened the strength of the three giants in the iron ore industry. This means that Australia's small miners can no longer take China as a source of cheap capital, thereby assisting in the high cost, which will delay the potential time of turning iron ore into oversupply. A few years ago, Chinese steel companies and metal traders rushed to invest in iron ore projects, invested in iron ore producers with great ambitions, and signed supply contracts as much as possible. But so far the ore is only one of the projects from Fortescue MetalsGroup and China Steel in the latest Midwest iron ore belt in Western Australia. Fortescue currently exports more than 50 million tons of ore per year. But other investments, such as the Magnetite project at Sinosteel Midwest, the Sino Iron Mine of CITIC Pacific, and the shares of Angang's Karara iron ore project have all caused problems, resulting in delayed production and higher costs. The Sino Iron Mine project is the best example. Its budget has more than doubled to US$6.2 billion in the past five years, mainly due to insufficient labor, rising prices of equipment and construction materials, and expansion of projects. The current target is Produced for the first time at the end of 2012, two years later than originally planned. In addition, investors have become more picky, and Chinese lenders have set a higher threshold for project financing; Australia is also levying new taxes. "Chinese steel producers have made progress in overseas iron ore mining areas, but investment also means paying," said Wang Xiaoqi, vice president of China Iron and Steel Association. "I personally think that it is not suitable for investing overseas because of the high investment cost," he said.
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