China, the world's biggest buyer of iron ore, announced yesterday that it would launch an investigation into whether Rio Tinto, BHP Billiton and Vale are exerting illegal monopoly control over global iron ore pricing.
The announcement, which came from China's Ministry of Commerce, highlights Beijing's frustration at China's inability to control the price of a resource that is crucial to its steel industry.
“The commerce ministry's antitrust bureau is currently studying the issue,” a ministry spokesman said at a press conference.
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