Surely you know why it crashed last year (for just a few weeks before bouncing violently back to $160+/T)
China won't be doing the silly destocking stunt again.
It tried to show who is boss (to the Big3) when it comes to IO pricing lasting for just a few weeks as China was running on iron ore dust. RIO Tinto egg China on by suggesting prices would fall to $100 this year, then China put on the scream mask and scared the IO industry world wide into DEEP FREEZE.
In so doing (such a senseless, self-defeating act), it copped the humiliation of not being able to dictate the IO price and instead scared the daylight out of marginal producers and their financiers world wide amounting to the mothballing of about 200MTA of supply in Australia alone in the next couple of years.
All the while, the Big3 enjoyed good prices and no such nonsense about taking IO spot price to $50 to kill off competition.
China helped the Big3 to kill off competition.
FMG Price at posting:
$4.27 Sentiment: Buy Disclosure: Held
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