The Googlest, Apparently!
lol you forgot the coal issue. They need our coal to drive the refineries. Sure, they can find coal from other sources, but our coal is the cleanest burning and produces more thermal energy, as in heating value measured in kcal/kg, kJ/kg or BTU/lb, thus they get more bang for their buck.China is now telling its privileged population to ignore AU as a travel destination due to racist activity, yes sure we have some morons who blame local Chinese people for covid, etc. but looking on the other side of China telling people to sty away and not buy AU goods, this could well be short term pain for long term gain, China may well need us more than we need them in the long game, ie, our iron ore is so much more pure than theirs or anyone elses, they are using ours to mix with theirs to get purity in their steel making, China has more ore reserves than us but their ore is about half the 'richness' of ours, so they mix ours with theirs to give it 'value'.
Mainland Chine! rack off and get a real life.
Put the two together and the steel production cost goes up significantly when sourcing iron ore and coal from other countries.
Perhaps then the economics will more more to steel produced in the next 2 big refiners, Japan and India lol.
Would be good to see and a nice case of shooting one self in the foot.