..What race the bottom ?...It's all old news. The cartel knows that can make infinitely more money by selling less ore for more $$. The Chinese domestic IO destruction experiment failed. The only causualties so far are Australia and Brazil.
The only reason why you see IO price where it is is because the Chinese are de-stocking (Oct and Nov imports from Brazil and Australia down). Come end of Chinese New Year at (end of Feb), they willhave to re-stock like there is no tomorrow.
If the race to the bottom is on: Rio wouldn't have admitted they are surprised at the current IO price and that...
Rio just canned a 40MTA mine it applied for licensing a few month ago.
Vale just said 2015 will be disappointingly low (lower than 2014)
BHP (now in a pincer trap - massive oil crash, slow motion coal crash, copper doldrum) is desperate to claw back revenue and profit finding itself unexpectedly caught in 2 price wars.
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