your point is somewhat valid. It boils down to volume / grade or quality / cost. If you have all 3 you win, simple as that. In my opinion, small producers in lit market irrespective of qulaity/grade wont be able to compete (unless that supply comes from africa, in ehich case my argument falls over).
also I can't remember any of the big iron ore players taking a backwards step even when 'peak IO' was being reported in 2009 I think (+/- 2yrs). I just remember rapid growth kicking off.
Good News & Bad News, page-44911
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