Hey mate, before relying on scrap metal to bring the iron ore companies crashing I would look into how the majority of steel furnace facilities are set up currently in China and how they can't be just changed over to use scrap metal.
I chased this up personally with one of the FMG marketing guys earlier this year, so for scrap to take off iron ore will have to be pricy again to justify bringing more scrap based furnaces online to compete against market share or rely on future replacements as the facilities get replaced old for new, another win for the I/o $50-60us mark making profits for FMG.
Cheers
Iron Ore Price, page-10974
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