Iron ore price, page-2873

Welcome back baukaw, good to see some actual intellect and market savvy here again.

Nice article today in the AFR on FMG's weird call for government intervention into a deep global market.

The spot price cheer squad will be up in arms, but it does go to FMGs broader market credibility.

Key part

Chinese demand and spot prices for iron ore were both weak, and it was apparently BHP's and Rio Tinto's fault for producing too much of it (never mind the fact that six months previously, Power had credited Fortescue's own increased production with bringing the ore price "from unsustainable peaks back to a more long-term and sustainable pricing"). The response of Rio's then iron ore boss (and now Aurizon CEO) Andrew Harding really can't be improved upon: "I can understand, if you are not a low-cost producer, and you have made your investment at an irrationally high time in the marketplace, well above the average price for the past many decades, that you would be troubled by current circumstances. But that is your responsibility, your business decision. The response to that is to fix your own business – not give business advice to others."

With his wealth back in the clouds, Twiggy's absurd, accusatory commotion has been suitably laid bare as such