Steelmakers throughout Asia cringed earlier this week when they heard the news that Aussie mining giant Rio Tinto PLC (ADR: RTP) had secured a 97% price increase for its iron-ore. But getting Rio out of the way was only half the battle, because now steelmakers are forced to confront BHP Billiton Ltd. (ADR: BHP) and its chief executive, Marius Kloppers, who may not be so easily placated.

With key countries in the world economy spiraling toward recession, and even India and China panicking about domestic inflation levels, there’s one country in particular that still seems to offer good value in its equities markets, thanks to an economic outlook that combines decent growth and only modest inflation.