Without India and its growing economy and population we would likely be stuffed. I do not see india booming the way that China did as it is a different mindset. However I do see them gradually taking more iron ore over the long term and that will support prices. Eventually China will settle at point where the iron ore demand meets the nees for high rise development or replacement.
I could see the demand dropping back to 800 million tonnes. So India would need to take up 200 to 300 million excess supply or at the same time some of the marginal miners halting production.
Iron ore price, page-53909
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