That pigsy fella claims China is building 18 new blast furnaces, that's blast furnaces requiring Iron Ore not Electric Arc Furnaces requiring scrap metal.
If the demand for steel has suddenly changed in a few months and we've reach peak ore someone needs to let the Chinese leaders know their capital is being invested in the wrong place, they're now a "service economy" to the world. Should also make a quick call to the BHP board to make them aware they've made a massive mistake off loading oil and gas assets, Iron Ore is the asset they should be selling as some very smart posters on Hot Copper have stated "it's over" for Iron Ore.
What would BHP know with over a hundred year history in Iron Ore and steelmaking industries ?
Iron ore price, page-40340
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