Well that's precisely why I made a bit of deal out of "supply". In the 2008 to 2014 era, not only was there economic catastrophe, there was a significant increase in supply and seemingly "no hope" of a recovery in iron ore prices that were approaching cost even for BHP and RIO and that warranted very low forward PE's. At this time stocks like Atlas Iron went from like $5 to practically $0.
This time there is no new mine development and there is backed up supply chain demand that reserve banks are doing their best to destroy. The outlook is no where near as dire, primarily thanks to the supply/mine development restraint.
Iron ore price, page-46076
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