Here is why: because RIO, BHP and FMG keep boosting IO supply...

Here is why: because RIO, BHP and FMG keep boosting IO supply well above IO demand rise (if there is to be any demand rise ... ). FMG annpounced to spend $20 b ! on very, very cheap IO mine in Africa. They will flood the market for MANY years to come. So to answer the question 'why BCI came donw to such a ridiculous low level' : because they will not be able to make money if IO price does not recover to above $70-$80 /t. And shareholders usually do not like buying stocks that are loosing money and have to tailwinds in coming future. I started trimming my BCI position, now I have a tiny bit left (in case of a TO ...), but that's it.
I also ditched all mining services stocks some time ago, for the same reason : there will be no profits in coming years and many equipment writedowns / impairments coming ...