Jacko mate I will give you a clue. The world does have vast stockpiles of iron ore like you talk abouy. It is called geology and the stockpiles are in the ground in undeveloped or mothballed deposits. The Chinese have many of these and the iron ore cost curve gives an indication of the iron ore prices needed to bring these deposits into production.
Given current high prices everybody with an iron ore deposit is trying to bring it into production as quickly as possible. In time this will reduce prices.
It is not, however a great Chinese conspiracy like you describe. It is the simple science of geology combined with the laws of supply and demand.
So in time you are right that the iron ore price will reduce. History shows prices will cycle.
Iron ore price, page-32432
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