I'm interested in the notion of higher cost exiting market. Cliffs CEO Goncalves was claiming this isn't happening as readily as some would hope since all participants are hanging on and trying to reduce costs. I also found it interesting (actually I thought it seemed like the dumbest thing I've read recently) reading that BHP bloke yesterday talking down his own product as heading to $40. I don't see the sense in talking yourself down costing yourself $ on all your exported tonnes.
And regarding the expansion by the big producers - did bhp and rio think they were the only ones with permission to dig up and ship out Australian (and other) resources? "Naughty FMG - don't try and do what we do!".
Iron Ore Price, page-2647
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