His comments were focused on iron ore, Australia's biggest export item, which accounted for $34 billion of the $58 billion of goods Australia shipped to China last year. The second biggest is metallurgical coal - also driven by the growth in China's steel sector.
Mr Kloppers predicted the Chinese steel industry would roughly double over the next 15 years, from current production of 600 million tonnes a year, but the rate of growth would fall as China used less energy and metals for each unit of economic growth.
''Historically, we were concerned about the negotiation process,'' he said. The pricing change had remedied a freight ''mispricing'' that had cost Australian producers as much as $US10 a tonne
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