calling the bottom, page-4

In the iron Ore space, the word is that BHP and RIO are happy to see the bottom of the market, but now looking to at least get something constructive out of the downturn. Content to tolerate a price under $100t long enough to get Cliffs and potentially GRR out of the game.

Likely to be a flow on strategy for coking coal. Prices low enough for long enough to take some high cost supply out of the market. Probably some Canadian and Appalachian supply most under treat.