Hi nihilism,
I'm not too sure about prices going far lower. The break even points of FMG and Vale which hover around the $68-77p/t mark would suggest a floor there.
At some point you would think more Chinese domestic production would need to come out of the market, as well as all other IO producers with break even points above $80p/t if prices stay at this level for an extended period.
BHP, RIO and RH can't supply all required seaborne IO, there has to be other producers still standing above them in the cost curve IMO.
Cheers!
Hi nihilism, I'm not too sure about prices going far lower. The...
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