The government has also decided to impose a 20% levy on raw ore exports and requires companies to start smelting all ore locally by 2014.
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Engineered products are somewhat more profitable for the company compared to selling raw metal and its ore.
Much of that can be blamed on domestic demand for imported goods and higher cost of raw materials, like iron ore.
China fears that if the takeover were successful, the combined firms would have a stranglehold on the world's supplies of iron ore and other raw materials.
Tied up in port sit two massive iron ore transporters carrying the raw material for the world's car making industry.
Raw materials plays like copper, iron ore, even coal are suspect unless commodity quotes hold at currently extended levels.
If emerging markets recover next year, the gutsy play is in raw materials, namely copper, iron ore and coal.
At a briefing later, Goodyear said China was proving to be a strong market for iron ore, alumina and other raw materials.
Countries such as Australia and Indonesia have fed China's growing appetite for commodities and raw materials such as coal, iron ore and palm oil.
As China has become more industrialized, it has become Australia's biggest trading partner and buyer of its commodities, including raw materials such as copper and iron ore.
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When you look at major parts of the economy like technology, health care, basic industries, energy and even raw materials producers of copper, iron ore and chemicals, you find them flooded with cash.
In India, we had launched some contracts around steel but for SMX, we went with the basic raw material of making steel iron ore.
Vast ship-borne imports of iron ore, coal and bauxite make up other raw ingredients for Chinese growth.
The steel mill he bought in 1989 was part of Ford's great River Rouge plant, where the father of mass-produced cars turned raw materials into vehicles on a single site -- transforming ore and rubber into finished cars (see box, p.122).
On the West coast, Perth lies at the center of its vast natural gas and iron ore fields that are supplying China with much of the raw material for its factories.
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