Yeah I agree China might drag their feet on a carbon price but they have already been touting that they are cleaning their act up & intend to close down older mills (which I think one of the other guys confirmed about his company yesterday?). Yes it might be more to do with power consumption but what ever excuse they use to buy higher quality I/O is good with me. They also want to be “THE” world superpower (their rightful place in the world apparently) & to earn that tag they have to be more than just the biggest bully, they will need to be legitimate policy leaders.
Also Biden has been banging on about carbon pricing a bit & gave Scotty from marketing a bollocking for dragging the chain on the kyoto protocol & becoming greener.
The I/O price will 100% take a dip but when & for how long is anyone’s guess, so far very few professionals let alone the average joe have judged it correctly. Yes eventually new mines will come online us included & demand will stabilise it’s just the nature & cycle of it. While infrastructure spending is helping countries get cranking again, they won’t be able to keep the foot planted forever, it’ll just be prohibitively expensive. The fact that we can remain profitable down to the level they have quoted which will hopefully lower further once they firm up numbers & ore sorting in the DFS is awesome, as it’s only dipped below that once in the last 14yrs for a grand total of 4wks.
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