$90 would be around the 62% fe CFR IOP satisfying China's real demand as opposed to China's fake demand to stockpile ore (simply shifting port stock to make room) for the last 12 months which in conjunction with massive domestic overproduction, recycling and steel export curbs means a partial boycott of Oz import could easily sustain a $70 IOP for the next 6-9 months.
That's the short term. The long term is really grim. Pretty sure the NDRC 2025 blueprint that AFR reported on will have quite a lot of meaty details soon.
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