fair value for AGO, page-185

Personally, I think that @col69 is probably on the money. China is such a huge, competitive and capitalist economy that I would doubt there is any major collusion going on with regards to iron ore imports. They are all out to make a buck.

If the 5 or 6 iron ore miners in Australia can't manipulate the price in their favour then I would imagine it would be hard for the 100's of steel producers to manipulate the price.

I'm no expert economist so this is just my uneducated opinion but I presume that supply/demand is probably more at play here. Of course governments can influence supply/demand to a degree (WA government giving royalty relief to AGO etc) but IMO the fact that they are the middle man and rebar demand remains strong suggests to me that the IO importers aren't manipulating the price/import volumes.

My biggest concern would be that speculation and pyramid scheme economics are driving up the price but ATM am very happy to hold a sound company producing @ ~A$55/t while IO price is above US$90/t (62%)

This is just my uneducated opinion and happy for you to have yours.