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10%... and counting

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...the reaction!

But reports out of China yesterday suggested private Chinese steelmakers have gone against CISA by inking annual contracts with Brazilian iron ore giant Vale. Tying up almost 10 per cent of China's expected imports, Vale has agreed to supply more than 50million tonnes of iron ore in 2009 to more than 38 small Chinese steel mills, according to a report in the Beijing News yesterday...

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