That's why a cartel is called a cartel. Of the 3, Vale would be...

That's why a cartel is called a cartel.

Of the 3, Vale would be the one most keen to pull supply as Brazil is suffering from a massive deficit (partly contributing to China's massive surplus)

Looks like the mother of all short covering is coming. It may not be today but it will be as sure as night follows day.

If anyone thinks Vale building the S11D project means more glut, they have rocks in the heads.

http://www.smh.com.au/business/mini...on-ore-despite-low-price-20141030-11eorj.html

From the Vale Chief !

"I think the lower the price the more compelling it is to bring this project in operation because it's low cost and high quality, so there is no way that we are going to slow the pace of invest in S11D," he said.

"We believe that it's low cost, high quality and could substitute other productions outside Vale or even inside Vale that have a higher cost and lower quality."

"As far as displacing some quantities, our idea is to displace competitors' quantities. So it is not our idea to displace our quantities, but that will depend on price," he said.