Iron ore majors push for ‘Goldilocks’ price to kill off rivals
The iron ore majors want a “Goldilocks” price at which only they have the incentive to expand, new players cannot enter the market and their smaller rivals are locked in a desperate fight for survival.
It’s been another dramatic week for iron ore – and not just because of BHP Billiton and Rio Tinto ’s fresh quarterly production records.
A crane fell over during a safety inspection at Gina Rinehart ’s Roy Hill project, China’s CITIC took a $2.2 billion write-down on its beleaguered Sino Iron project and Atlas Iron, once the great white hope among second-tier miners, released figures showing its production costs remain above the iron ore spot price, which hit a fresh five-year low of $US66.79 on Friday.
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