"Four companies dominate global iron ore production: BHP Billiton (NYSE: BHP), Vale (NYSE:VALE), Rio Tinto (NYSE:RIO) and Fortescue Metals Group (OTCBB:FSUMF). Together these companies control more than 70% of the iron ore export market." ( source: Investopedia)
Three of these major iron ore producers are located in Australia & one in Brazil, so it should not be rocket science for the Australian & Brazilian Governments to get together in an OPEC like manner and control volumes to maintain higher prices.
This would permit both Brazil & Australia to impose higher taxes on iron ore which at these Corvid-19 times is necessary to pay down national debts.
If it is good enough for OPEC to form and maintain a production cartel, then surely the same principle should apply to iron ore.(fair go eh?)
