Had Australia played ball with Brazil in 2010 , together we could have moderated seaborne supply (similar to that of OPEC) to ensure an iron ore benchmark price in excess of $80 USD/ton. If China were to be in Australia's position and visa versa, what do you think China would have done?
Instead we have RIO, BHP & FMG fighting tooth and nail for Aussie market share and the trio then trying to compete with Vale. Great for the Chinese but not the best possible result for Australia.
China pumped billions into the Pilbara to create an oversupply and knock the ass out of price while we , like halfwits spruiked these investments! We now clearly see what a reduction of 5% of seaborne IO does to price; in other words, 5% less marketable seaborne Io for the same gross revenue.
