China declining just means other countries rising and needing exactly the same infrastructure and expansion as China once had. Also, every country is likely to start doing a lot more local manufacturing with automation and AI etc. So I can easily see in the move to EV and a new power grid of renewables that there will be a lot of steel use...
If the price of iron ore drops the new expensive mines shut down again... Oz is low cost and already built... so I don't think it will settle below $100 before 2025. We will probably have had $10 dividends by then...
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