What makes you think the price won't continue to drop to low 30s over the next year? The divi yield may be good but it can drop if profits drop. The following article makes some compelling points:
https://www.news.com.au/finance/business/mining/sign-iron-ore-price-is-about-to-crash/news-story/06c42869fc375ab93e7a3316a0198c47
I'm just paying devil's advocate, I would like to know the counter arguments to what I think may be the end of the China construction boom of the last twenty years.
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