time frame, page-12

Hi farmboy, I think the IO cartel will slowly but surely start to withold cargo discreetly.

When BHP tells the media they just shed 500 IO jobs (many at Port Hedland), that can only one thing.

Look at the similarities between October 2012 and September 2014.

I don't buy the IO cartel on a race to the bottom BS. Nor do I beleive Canberra will allow BHP and RIO to continue transferring Aussie wealth (when we have a fiscal crisis and a monster budget blackhole) to the Chinese in their naive effort to dump IO to force Chinese mine closures.

(IMO) the Big 3 were comfortable with between $90/T to $95/T (the price for many months during record shipment)  but were wrong footed by the Chinese who just kept relentllessly subsidizing their domestic production (widespread unemployment in the domestic IO industry certainly would be a concern).

2012 October

http://www.abc.net.au/news/2012-10-09/iron-ore-jobs-to-go-as-bhp-meets-lower-demand/4302608

http://www.smh.com.au/business/bhp-to-cut-jobs-in-iron-ore-as-china-slows-20121008-2799f.html

2014 September

http://www.watoday.com.au/wa-news/b...iron-ore-jobs-in-pilbara-20140917-10iat3.html

http://www.abc.net.au/news/2014-09-17/bhp-billiton-iron-ore-cuts-jobs-in-port-hedland/5749832