I know it won't plunge Anne based on current supply and demand dynamics plus the green push, China have no other viable option but to source IO from Australia at market prices if they wish to continue to make steel and the healthy profits that go with steel sales at current prices. Unless there is a massive drop in steel demand China are restricted to Australian Iron Ore for the next 2-3 years minimum.
I worked for BHP/Bluescope for 15 years and was involved with the raw materials Logistics side(scrap, coal, dolomite, limestone,manganese), as stated unless there is a significant world event reducing steel demand then I believe we're in a commodity super cycle for a couple of years at least. Chinese steelmaking is 90% Basic Oxygen Furnace(Iron Ore) and 10% Electric Arc Furnace(100% scrap metal usually except China where most of their EAF's charge 80% molten iron(Iron Ore). If they wanted to charge 100% scrap metal they would have to import it and as a result drive up world scrap metal prices, scrap metal quality would also become an issue.
The articles re "Iron Ore boom is over", "China going to switch to EAF" are spin, BS written by experts who do not understand(or they're lying for trading purposes) the fundamentals of steelmaking around the world especially in China. Everyone knows the current Iron Ore supply situation(Aus, Vale, Africa, etc), once one works out the Chinese steelmaking processes then effectively the result is China currently have no option but to purchase Australian Iron Ore.
They can go without our lobsters, wine, barley, etc but not Iron Ore.
China knows this and so do BHP, RIO and FMG, that in my opinion is the current reality but I'm no paid expert or analyst.
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