They all have to play games.
Just look at Hockey's smirk when he said..."we are not very supportive of cartel behaviour"....
And then Julie Bishop (who is too smart to say without a purpose) suggesting capping IO output was a "worthy consideration"....
Sam Walsh knows the plan backfire big time but has too much pride. He painted himself into the corner with his rhetoric.
Rio can't just take cargo off the market without being accused by the Chinese for manipulation. Arresting the decline and pushing the price up will have to be done subtly over months (2 steps forward 1 step back).
Revisit the events of 2012.
http://www.bloomberg.com/news/artic...s-china-claims-of-iron-ore-price-manipulation
Iron Ore Price, page-1665
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Last
$18.51 |
Change
-0.480(2.53%) |
Mkt cap ! $57.11B | |||
| Open | High | Low | Value | Volume |
| $18.53 | $18.65 | $18.49 | $101.9M | 5.463M |
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| No. | Vol. | Price($) |
|---|---|---|
| 6 | 11530 | $18.51 |
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| Price($) | Vol. | No. |
|---|---|---|
| $18.52 | 14634 | 25 |
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| FMG (ASX) Chart |