That would be a substantial change in world demand. There is currently 2000million tonnes of iron ore produced each year. After the expansion of the majors there is about 1200million tonnes per year produced by the majors at about $60/ton or less. The remaining 800 million ton a year comes in above this cost. Effectively for iron ore to fall to (and stay at) $60/ton we would need about half of the worlds steel production to stop.
Will FMG be taken oven?, page-34
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