Anything can happen in the short term given the unprecedented bearish market sentiment, but over the medium term I trust that the natural floor that people frequently talk about is real(ie the domestic IO producer in PROC with about 30% of the market share have lower grades and generally smaller scale so are becoming costly at around $90-120 per tonne). This will effectively put a floor in the price at around $120-130.
I went back and looked at the presentation to the Australian Stockbrokers Assoc on 30/5/2012,p20 graph on price. It shows two strong price rebounds from about $118/T, so I hope that repeats for a third time.
FT
price of iron ore, page-3
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