there is no doubting the grim nature of the markets but iron ore...

there is no doubting the grim nature of the markets but iron ore will still be needed. even if the world goes into recession china will still probably stay in positive growth because of its urbanisation. all this will take iron for the world's biggest buyer. smashing companies like mgx because thier customers want them to slow shipments for a while is stupid. there is a backlog on chinese wharfs due to the olympic shutdowns and now the down turn means that it is taking time to clear - thats all. it will clear and aussie stocks will fight through this if they have the material in the ground. as for fwl, i guess it depends if people are still desparate for mpi. you cannot afford to just switch off a steel plant and walk away. it is better to produce steel at a loss than shut down and so my guess is that they will still need mpi and the asians are the only ones with hordes of cash left so they can make fwl happen if they want the mpi.