yes, but in the same forecast UBS talk about Vale ramping up production (I’ll believe it when I see it), huge projects in Guinea coming online (they’ve had a coup in the last month), and Rio and BHP ramping up production (why would they do this when shipping costs are high and sales prices are low, and they can afford to keep it in the ground?).
we aren’t going to go back to building out of mud and straw. Steel is here to stay and we’ll perform well in a post-COVID world.
Price of Iron Ore, page-578
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