“$40 needed” to balance iron ore market

From Bloomie:

“Iron ore is something where every big, major mining company in the world decided to bring a huge project on at the same time, which caused prices to fall by 65 percent,” Anderson said, speaking in a Bloomberg Television interview with Stephanie Ruhle at the Commodity Debate conference in New York.

…“With the amount of inventory still coming on and Asian demand slowing, we’re about $55 right now, I think really to balance the market and force the marginal player out you probably need to get down to $40,” Anderson said on Thursday.

Yep. Everyone’s fault, including FMG, and not just RIO and BHP.

As for $40, if Atlas can get close to that then forget it. We need $20.