Iron ore: Trumpets and warning bells

Iron ore prices have fallen, just as we predicted. What now?

You’ll forgive, we hope, a little trumpet blowing. Eighteen months ago the iron ore price was $180 a tonne and widely tipped to stay there. China’s steel output was assured to pass one billion tonnes per year and each of those tonnes requires 1.6 tonnes of ore. Iron ore, sang the optimists, would guarantee Australia’s prosperity long into the future. This was no longer just a boom; it was a new world order.

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