From UBS today:
Iron ore stockpiles held at Chinese ports monitored by Antaike fell 0.7 million tonnes last week to 116.9 million tonnes. According to CRU Group, about 90% of seaborne iron ore suppliers are cash positive at US$60/t after dramatic cost deflation. Three years ago, only about 65% of seaborne producers were profitable at US$60/t.
Or in other words, the iron ore price is heading well south of $60/t.
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