Could be worth factoring this in?
shipping rates have tripled. VMS who only just got into production during the collapse has been the first victim of the IO collapse.
Their DFS only included a 10% reduction to the IO ore price with their 57% FE. In reality it was 30% less than the IO price with their inferior grade.
They have since suspended operations until further notice.
Shipping rates have tripled since 2020.
Iron ore is not expected to rebound until Feb 2022 following the Beijing Olympics. They have produced enough steel already this year to match the 2020 output and are looking at cutting back completely until the olympics are over in an attempt to lower emissions accross the country until the event.
