The news about the expansion of steel production curbs across 64 regions just announced until March indicates China has readied a vast domestic iron ore production capacity and will deploy immediately as a direct response to Morrison's declaration of war for which he had been beating the war drum for months via Dutton and Pezzulo (the sub deal being 18 months in the making).
I think China will literally be buying next to nothing in iron ore going forward. If so, Wacko's scenario of capsize carriers being barred from unloading will indeed materialize. If Brazilian ValeMax don't suffer the same fate, then it's China is responding to the declaration of war.
If this happens, iron ore price will fall precipitously. $55 would even be conservative where the bottom will be tested.
Iron ore price, page-37759
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