Jacks is the only one who called IO price in double digit by Q3 when it was at $240 in May. Fact !
I don't think you understand the implication if 62% fe CFR IO price (already down $150 since May) falls another $30 to $60. How much do you think 58% fe product can fetch. Even BHP and Rio profits will be razor thin.
If significant domestic iron ore capacity has been held back for release (as a last resort to the relentless nuclear war provocations by Dutton), $60 will probably be the iron ore price ceiling rather than the floor in the foreseeable future.
Again, Twiggy's relationship with China may mean the Chinese still buy from FMG as a preference.
Iron ore price, page-40681
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