@jb206
I've already explained why the 10 year results are complete BS. It has been deliberately selected because it includes a previous 2011-13 boom (also based on a Chinese housing construction spree) to make average prices seem much higher than they are. A decade is ancient history in the IO market.
The IO market collapsed in 2015. The most recent five years have been a reversion to much lower prices in the $50-80 range with a few spikes to higher prices.This has been the case for most of the past 120 years. If you take out the one year 2020-21 boom The 2015-21 average IO price is only ~$80.
China has largely completed it's industrialisation phase. IO demand will fall considerably with recycling and less infrastructure needed. .eg US per capita steel demand has fallen about 70% in 50 years. The largest US steel producer uses 100% scrap as feedstock.
Chinese steel mills turning away Ozzie ships, page-64
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