iron ore price, page-216

About 50 to 70 million tonnes of high-cost domestic Chinese production has been pushed out of the market this year, and there was about another 80 to 100 million tonnes to come out "over time", Mr Henry said.
He said China has production capacity of 400 million tonnes, but it had fallen to about 330 million tonnes at the beginning of the year, and that had fallen to between 270 and 280 million tonnes currently.
"Over time you will see more Chinese high-cost capacity come out of the marketplace," he said.
"You'll have around 200 million tonnes in China for the long run because it is competitive – either because of inherently low mining costs, or because it is geographically proximate to demand, and therefore has less by way of transportation costs."

Read more: http://www.smh.com.au/business/mining-and-resources/iron-ore-price-constrained-by-output-surge-20141019-118b5x.html#ixzz3Gda9UewT​