Exactly, Iron Ore price at US$70 long term results in plenty of mothballing of unprofitable mines including in China and a lack of capital to any new start ups.
Back in 2014/15 when Iron Ore bottomed out at US$38 there were closures galore and steel mills around the world going under including Arrium here, China dumping below cost steel all around the world.
The last few years the Steel Industry including the marginal Chinese steelmakers reporting solid profits, China may want to be careful what they wish for.
Iron ore price, page-45700
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