Snowbound
One point you missed is that there is almost a floor under the iron ore price at $120 a tonne. The marginal cost of production for about a quarter of China's production is at or above this price. Costs in China are rising rapidly, so I can't see the traded price of iron ore going much below $120 a tonne for an extended period.
SnowboundOne point you missed is that there is almost a floor...
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