Not sure re other suppliers/commodities. Iluka had a different response in minerals sands the last year or two. Rather than pursuing volume they chose to focus on maintaining margins. That hasn't stopped the secular tide of the bear from dragging down prices for sands but ILU shareholders seem to be more contented than BHP shareholders.
As far as I can see, it's not correct to infer that the major iron ore producers, with 4 controlling 80% of production or something like that, had no other choice in recent years. They just didn't want to work together in conjunction with their customers to manage the problem.
It is what it is now though, a classic boom bust so let's see how the Phoenix rises.
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