As a country that has historically lived off international sales of primary commodities, Australians need to understand better than most the cyclical fashion in which commodity markets move and the risks entailed in that recurring pattern. To that end, this chapter investigates the way that political risks have been, and are still being, handled in the three nations from the Asia-Pacific region that have successively led the world in steel production through the last century—the United States, Japan and China. The implications for Australia, which has now emerged as the world’s largest exporter of iron ore, associated with each of these three regions are sketched out, with greater detail on the ‘super-cycle’ derived from the phenomenal expansion of Chinese steel production in recent decades.
East Asian Analytical Unit
General Agreement on Tariffs and Trade
Global Financial Crisis
New South Wales
Organization of Petroleum Exporting Countries
- Bunker, S., Ciccantell, P. (2005). Globalization and the race for resources. Baltimore: Johns Hopkins University Press.Google Scholar
- Byrnes, M. (1994). Australia and the Asia game. Sydney: Allen & Unwin.Google Scholar
- Cai, P. (2009). Secrets, spies and steel: The Rio Tinto case. East Asia Forum. http://www.eastasiaforum.org/2010/03/09/secrets-spies-and-steel-the-rio-tinto-case/. Accessed 2 March 2015.
- Christie, V., Mitchell, B., Orsmond, D., van Zyl, M. (2011). The iron ore, coal and gas sectors. Bulletin, Reserve Bank of Australia, March.Google Scholar
- Cleary, P. (2011). Too much luck: the mining boom and Australia's future. Melbourne: Penguin Random House Australia.Google Scholar
- Commonwealth of Australia. (2010). Budget paper no. 1, statement four, pp. 4–9. http://www.budget.gov.au/2010-11/content/bp1/html/index.htm. Accessed 5 February 2015.
- Connolly, E., Orsmond, D. (2011). The mining industry: from bust to boom. In H. Gerard and J. Kearns (Eds.), Australia in the 2000s. Sydney: Reserve Bank of Australia.Google Scholar
- Dear, I. (1995). The Oxford companion to World War II. Oxford: Oxford University Press.Google Scholar
- de Kretser, A. (2010, 23 February). Strong ore price tipped for tiger year. Australian Financial Review. Accessed 15 March 2014.Google Scholar
- Earl, G. (2008, October). The new regional reality. The AFR Magazine. Accessed 15 March 2014.Google Scholar
- East Asia Analytical Unit. (1995). Iron & steel in China & Australia. Canberra: Department of Foreign Affairs and Trade.Google Scholar
- Findlay, C. (2011). Australia-China economic relations. In J. Golley and L. Song (Eds.), Rising China: global challenges and opportunities. Canberra: ANU Epress, June.Google Scholar
- Foord, J. (1898). The Great Lakes and our commercial supremacy. The North American Review, 167(501), 155-164.Google Scholar
- Garnaut, R. (2013). Dog days: Australia after the boom. Collingwood, Victoria: Redback.Google Scholar
- Greber, J. (2015, 7 February). Politics forces RBA’s hand. Australian Financial Review. Accessed 7 February 2015.
- Hughes, H. (1964). The Australian iron and steel industry, 1848-1962. Melbourne: Melbourne University Press.Google Scholar
- Leaver, R., Stephens, A. (2009). Somewhere over the rainbow: the Australian Defence White Paper, economic vulnerability, and China. Austral Policy Forum 09-15A, Austral Peace and Security Network, Nautilus Institute at RMIT, 4 June http://www.globalcollab.org/Nautilus/australia/apsnet/policy-forum/2009/australian-defence-and-china/. Accessed 12 June 2013.
- Lee, D. (2013). Reluctant relaxation: the end of the iron ore embargo and the origins of Australia’s mining boom, 1960-1966. History Australia, 10(3), 149-170.Google Scholar
- Lougheed, A. (1987). International transactions and foreign commerce. In W. Vamplew (Ed.), Australians: historical statistics. Broadway, New South Wales.Google Scholar
- McGeough, P. (2014, 28 June). Time to choose: Clinton warns on ties with China. Sydney Morning Herald. Accessed 14 December 2014.Google Scholar
- Misa, T. (1995). A nation of steel: the making of modern America, 1865-1925. Baltimore: Johns Hopkins University Press.Google Scholar
- New, R. (2010). Metals: steel and steel-making raw materials. Australian Commodities, 17(1), 168-215.Google Scholar
- Pitty, R. (2001). The postwar expansion of trade with East Asia. In D. Goldsworthy (Ed.), Facing north: a century of Australian engagement with Asia, Volume 1, 1901 to the 1970s. South Carlton: Melbourne University Press.Google Scholar
- Pham, M. (2015). Energy security and the rise of China: towards a new framework for analysis. Unpublished Thesis. The University of South Australia.Google Scholar
- Reutter, M. (1988). Sparrows Point: making steel: the rise and ruin of American industrial might. New York: Summit.Google Scholar
- Richmond, S., Millsteed, W., Wilson, R. (2006). Steel and steel making raw materials: prospects for iron ore, steel, metallurgical coal and nickel. Australian Commodities, 13(1), 115-135.Google Scholar
- Rogers, R. (2009). An economic history of the American steel industry. London: Routledge.Google Scholar
- Rowe, J. (1965). Primary commodities in international trade. London: Cambridge University Press.Google Scholar
- Smith, B. (1978). The Japanese connection: negotiating a two-way street. In P. Hastings and A. Farran (Eds.), Australia’s resources future: threats, myths and realities in the 1980s. West Melbourne: Nelson in Association with the Australian Institute of International Affairs.Google Scholar
- Smith, C., Forbes, R. (1957). Metallurgy and assaying. In C. Singer, E Holmyard, A. Hall, & T. Williams. (Eds.), A history of technology: volume III, from the renaissance to the industrial revolution 1500-1750. Oxford: The Clarendon Press.Google Scholar
- Sprague, J-A., Saunders, A. (2014, 10 October). WA turns blowtorch on Rio, BHP. Australian Financial Review. Accessed 10 October 2014.Google Scholar
- Uren, D. (2015, 9 February). No political will to cut spending as falling commodity prices starve Canberra of revenues. The Australian. Accessed 9 February 2015.Google Scholar
- World Steel Association. (2010) World steel in figures 2010. http://www.worldsteel.org/?action=newsdetail&id=302. Accessed 13 July 2015.
- Zimmermann, E. (1951). World resources and industries. New York: Harper & Row.Google Scholar