Hi Dancing, BHP and Rio are price setters. The Reuters article...

Hi Dancing, BHP and Rio are price setters. The Reuters article describing sellers are not accepting the low bids effectively means the Big 2 are withholding cargo. The price rebound is not a mere knee jerk response to BHP u-turn on Port Hedland expansion or the speculation that Vale will also start doing likewise. The IO price trajectory going forward will be driven by massive Chinese re-stocking on a depleted inventory (which will be compounded by the trillion dollar stimulus) but where supply will actually be throttled ever slightly (the end result is a huge IOP rally going forward).

It looks like the meeting Walsh had with Hockey (praising collective maturity and common sense) made no room for any ambiguity for Walsh to make any more mistakes in DURECTLY transferring the wealth of a crumbling Australian economy to the PRC (saving tens of $ billions in the last 12 months alone and spending some of that to keep Chinese miners in jobs in turn that country tell us those subsidies would mean cheaper and cheaper IO with no prospect of IO price recovery).