Looks like you're in for a prolonged period of unhappiness then.
Current LT consensus average is $60/t, median is $55/t once the outliers are removed.
From today's AFR, last point most pertinent re the "stories":
"Steel demand in China is clearly robust, but iron ore prices remain very elevated versus fundamentals, and it's only a matter of time before they normalise to below $US60," Ian Roper, an analyst at Macquarie Group, said in an email. "We've had a negative view on prices for a while but they've held up longer than we expected.
Producers and banks have flagged the risk of a decline. BHP CFO PeterBeaven said this month markets should brace for much lower prices as the impact of stimulus in China slows down
"I don't think many investors will be surprised to see iron ore in particular give up some ground from current levels," Ric Spooner, chief market analyst at CMC Markets in Sydney, said in an email. "Inventory levels are high and, at the same time, we are moving toward a period of seasonally weaker demand, while markets are anticipating ongoing build in seaborne supply."
"It's definitely a risk-off day," David Lennox, a resource analyst at Fat Prophets, said by phone. On the Chinese steel industry, "we've had all the stories, but we haven't yet seen the demand", Lennox said.
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