As you can see, China currently accounts for 66% of the worlds...

As you can see, China currently accounts for 66% of the worlds iron ore imports, I don't think this is sustainably, what happens if/ when their import levels drop back to pre 2004 levels or less? My guess is that prices would go back to pre 2004 levels of <$20, possibly worse since there is much more supply now than their was then. What's your opinion?

Below are the 15 countries that imported the highest dollar value worth of iron ore during 2017:

1. China: US$76.2 billion (66% of imported iron ore)
2. Japan: $9.7 billion (8.4%)
3. South Korea: $5.5 billion (4.7%)
4. Germany: $3.4 billion (3%)
5. Netherlands: $2.4 billion (2.1%)
6. Taiwan: $1.8 billion (1.6%)
7. France: $1.3 billion (1.1%)
8. Turkey: $1 billion (0.9%)
9. Indonesia: $881.7 million (0.8%)
10. Egypt: $857.9 million (0.7%)
11. Saudi Arabia: $849.3 million (0.7%)
12. United Kingdom: $786.9 million (0.7%)
13. Malaysia: $756.5 million (0.7%)
14. United States: $695.4 million (0.6%)
15. Belgium: $693.9 million (0.6%)

http://www.worldstopexports.com/iron-ore-imports-by-country/