Recently, the countries such as Australia, Brazil, India, and South Africa are the main iron ore exporters to China; however, China is looking for new sources such as Honduras, Mexico, Venezuela, Philippines, and Iran.
Chinese steel makers are under heavy pressure as the costs of raw materials have been pushing up their production costs.
Vale, BHP Billiton, and Rio Tinto control two thirds of the world's iron ore exports, and steel mills in China are looking for ways to obtain new sources for the needed raw material