One other , really scaremongering headline from another source....

One other , really scaremongering headline from another source. Do not hit the messenger of the message, i don't like it either, but maybe it explains the recent drastic decline in IO:

https://www.news.com.au/finance/economy/australian-economy/china-slashes-steel-exports-to-australia-by-50-per-cent-to-wean-itself-off-nations-iron-ore-industry/news-story/69fa36f8dae6684a35afeeed96e45f1d

Here the worst sentence:
"Beijing boasts it has slashed steel exports to Australia by more than 50 per cent. And it insists efforts to “wean” itself from Aussie iron ore are only just beginning."

Some facts from that article:
"China relies on Australia for 60 per cent of its iron ore imports. This represents about 70 per cent of Australia’s iron ore production.The Beijing report states Australia relies on China for 30 per cent of its processed steel. But exports to Australia represent just 1 per cent of China’s output."

But there is also some hope:
"US President Joe Biden says he has Canberra’s back: “The US is not prepared to improve relations in a bilateral and separate context at the same time that a close and dear ally is being subjected to a form of economic coercion.” The US, he says, is “not going to leave Australia alone on the field”.

I don't know. if the worst in IO prices are over, but it seems, we could have found a bottomline after that sharp decline from mid july, I really hope so for my invest in GRR and it's not so tiny by the way.


And by the way, I hold on anyway !