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Voracious appetite or indigestion? Surviving the iron ore supply feast
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According to some market veterans, the major iron oreproducers failed to anticipate the full extent of Chinese steelproduction growth. Historically, iron ore prices were so lowthat there was little incentive to invest in new capacity. Butbuoyed by huge increases in annual benchmark prices for ironore from early last decade, the iron ore majors began a decadelongexpansion program to feed the Chinese steel industry’sseemingly insatiable appetite for iron ore. Much of that newsupply has hit seaborne markets over the past 6-9 months withmore to come this year. But slowing Chinese steel productionhas depressed iron ore prices, prompting the question: Is thecurrent supply indigestion a temporary situation or the newmarket status quo?
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Source: Platts
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