In the short term the chinese domestic production will certainly be key
In the mid term though, how long before the majors start creep iron ore capacity again as margins are still very attractive at these prices and slashed cost bases, removal of progressive dividend policies mean more FCF available for re-investment, and meaningful opportunities to invest in the much more attractive commodities (copper etc) just aren't there (which is logical given that is why those commodities are attractive).
The market (analysts and buy side) have moved on from a cost-out story - its back to growth options. Rightly or wrongly.
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