Iron ore's spiral to within an inch of $US40 a tonne separates Rio Tinto and BHP Billiton sharply from the pack, leaving them as the two players making solid cash margins on exports to China.
Iron ore fell again overnight on Wednesday, crashing 2.6 per cent to $US41.13 a tonne, a fresh 10-year low. It looks dangerously close to falling into the $US30s and the outlook for next year is dim.
