Rio is not the only one big supplier, still have Vale and BHP and FMG, no way his strategy of pumping production will work.
Chinese had to accept whatever price big 3 set before the GFC.
But now, they can get iron ore for less of their production cost. How silly......
Lots of other commodities are in "oversupply" mode e.g. Potash, but even potash cartel is gone, potash price is still much higher than average production cost, that’s simple economy 101.
Iron Ore Price, page-480
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