If memory serve me right, iron ore do not have long term average. 15-20 years back or even many more years back, seaborne iron ore market is almost non existent (very small market). Back then, demand for high grade iron ore is low, every country are pretty much self sufficient. China willing to sacrifice the environment, putting average 20% low grade ore just to produce steel...and back then, china was also self sufficient.
I think i read it somewhere in this forum saying that the market was so small, a lot of production was based on contractual basis.
Ohh...to answer your question, 15 per tonne, only rio tinto able to be remain tiny profitable. So globally, rio will keep pumping. So how likely do you think usd 15 per tonne can be happened?
If memory serve me right, iron ore do not have long term...
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