You don't suppose fmg was banking on the same thing (more supply shutting when loss making)? Very telling how you only ascribe that thinking to your evil 'big two'
It's just a mega version of what's happening here, the smallest are running out of time and fmg will continue producing at a loss until they have to sell stuff or stop. China will keep propping up loss making ventures till the negatives (losing money) outweigh the benefits (Jobs, civil order)
Then all the mothballed stuff becomes the swing producers waiting for incentive pricing to return
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