It was a very different market back then. China wasn't the...

It was a very different market back then. China wasn't the dominant force in steel production and I believe there were more long term fixed priced contracts. I think there's now more volatility in the iron ore price. In the last slump a few years ago, some marginal producers got wiped out, and the void seemed to be filled by a combination of productivity gains and new mines. Some mothballing also took place on lower grade operations.

Stockpiling of ore and/or over production of steel could be a multi pronged strategy to manipulate price of ore in an attempt to generate an increase in future supply of ore at lower prices, whilst also gaining market share in global steel supply with potential to increase steel margins down the track. That may have taken place around 2010.

Interesting times ahead.