So true. $120 was the happy balance but IO miners had to drive it North. The mills were not profitable, bleeding and closing operations at $140 +
BHP pushed spot pricing to screw the golden goose. Preferred customer / supplier arrangements with long term contracts went out the window. I always thought (wrongly) FMG stood out as a preferred supplier to some Chinese mills not screwing the last cent out of them, obviously not the case.
As you said............ We bit the hand that feeds us. HOWEVER the last IO mines standing (RIO and BHP)will absolutely bend China over when they have taken out their competition and cemented the monopoly.
He who laughs last........................................ and it won't be the Chinese mills.
IMO.
MP
AGO Price at posting:
22.5¢ Sentiment: Hold Disclosure: Not Held
BCI Price at posting:
84.0¢ Sentiment: Hold Disclosure: Not Held
FMG Price at posting:
$3.03 Sentiment: Hold Disclosure: Not Held
MGX Price at posting:
43.0¢ Sentiment: Hold Disclosure: Not Held
