I think sub US$50 there is too much stress on the whole IO supply chain and minimal cap ex is being spent. I think the world needs 70 million tons of new supply each year to cover mine depletion. Brazil shipments were also affected by heavy rain and the Vale port disruption. Samarco outage will only have an effect from mid January because they were still shipping stockpiles until then.
Iron Ore Price, page-4351
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