Iron Ore Price, page-10963

BP And yet you and Barkston and everybody else had nothing to say about the contradiction between Roy Hills mineralisation grade and continuing to sell at 61% fe. You went on and on about some red herring rather than address a really simple and fundamental long term contradiction. As I said you and Barkston would sell refrigerators to eskimos. The shorters and others try to confuse people with oddles of nonsense but I spent years studying how you get to the heart and essence of arguments and at the end of the day most things presented in a complex way can be rendered simply.

There are only two fundamental questions at the heart of FMG's price growth

is there going to be an increase of decrease in world steel demand between now and 2020
is there or is there not going to be a significant net increase in higher grade iron ore output on 2015 levels from all sources.

I have done my homework and studied all the data I can regarding these two questions - the rest is noise noise noise
My conclusions are China is a long long way away from peak steel demand when based on the usual metrics of consumption of steel per capita (whitegoods, cars etc the burgeoning middle class you would have to be really stupid to believe the peak steel argument given China's stage of development. There is much much more demand to emerge from the emerging nations block of Indonesia, India Thailand etc

there is absolutely no and I mean no evidence of a significant increase in ADDITIONAL higher grade supply on world 2015 levels. The evidence is that the structural adjustment which has occurred in the industry due to a very prolonged period of prices being at 60 or below has been severe and is further advanced than any of the analysts suggest. So continue your arrogance it makes no difference to me.

None of you has provided conclusive and unrefutable evidence that my conclusions are wrong. I intend to hold FMG for another five years and when its $20 a share I know who will be laughing.