haemitite, IO price negotiations used to happen once a year, now it happens on a daily basis.
It was the Chinese who turned the capsizes around by reneging on settling on the shipments (based on benchmark price) during the GFC that led the Big3 tossing out the system out the window and ending up what we have now.
The Chinese have NO SAY so long as they have the demand and they don't control the supply.
The hedge funds KNOW that.
