I agree, regional defence spending will definitely add to the demand for iron ore and push the price up.
But "Stubbornly high iron ore price"; geez I hate thick analysts with a clear agenda. Iron Ore was stubbornly high when it was $200+ a tonne three years ago. It is today priced at less than half of its traded highs.
I would argue that it has settled and would be very reasonably priced now, between $120 and $170 three years later. Let's add inflation and I'd say it is undervalued.
Now let's compare Iron Ore to the price of Oil and Gold:
I would say Iron Ore is massively undervalued and we will see a true correction in the next 6-24 months.
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