Very relevant argument.
And while I am very rarely a subscriber to the "This time it's different" school of thought, I concede that a case could very well be made for a structural change in the iron ore market that means pricing levels pre-the industrialisation of China are redundant.
So the top chart is probably obsolete.
But I doubt if the middle chart is applicable because that coincided with severe undersupply conditions brought about by the confluence of rapid growth in demand from China as well as a fundamental underinvestment in capacity following the global economic slowdown of the early 2000s.
So I'm inclined to think that the bottom graph is the most representative of the world today.
Iron ore price, page-14628
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