$70/t is total nonsense, particularly with a long term view. Ausjrp is right when he says that the media have been predicting the IO price to drop for ages and it hasn't. IO prices will remain strong and PLV will do very well. Disagree? Then maybe read this: http://www.theaustralian.com.au/business/bhp-digs-deep-for-12bn-expansion-in-iron-ore-and-coal/story-e6frg8zx-1226028358280
Note that BHP are spending $180/t on their iron ore expansion plans. That sure isn't profitable at $70/t and I'm thinking that they have more of an idea of long-term trends than some newbie PLV speculator on HC. To quote the article:
"Analysts widely agreed that BHP's reported capital intensity for the iron ore spend, of about $US180 a tonne, was higher than expected but was also a sign of foreign exchange and labour pressures being faced by the industry."
PLV Price at posting:
79.2¢ Sentiment: Buy Disclosure: Held