price firming on the sound of pennies dropping, page-18

Mark222 Agree with you. To start a new project will cost several billions. Unfortunately most Chinese steel mills are in financial trouble. Think about it, Chinese bankers know if loan this amount money may never be repaid. Ask yourself which Australian bank will loan several billions to develop iron ore project? You really need iron ore price to be above $200/t to have realistic chance to find a partner. When get to $200/t big players will increase production quickly to hold the price down and prevent competition. I think Roy needs to conserve cash especially management fees. Just IMHO.