Price of Iron Ore, page-765

At these prices already a large majority of Chinese iron ore mines are unprofitable. From an article ealier in the year.

"According to Bloomberg, around 70% of Chinese iron ore output is uneconomical at prices below $96/tonne. In particular, Fitch notes, miners operating in provinces such as Hebei, Fujian, Guangdong and Xinjiang will take the strain of lower prices due to their sitting at the highest end of the iron ore cost curve."

https://www.hellenicshippingnews.com/global-steel-production-to-grow-at-32-annual-average-until-2025-report/

This was published earlier this year.

So the productuon of iron ore should be decreasing steadily over the next few months globally. Balance will be restored.