“As soon as one company said they were going to listen to the market it was a massive change in the jargon from ‘we don’t care about the price of iron ore we are going to keep on crashing’.
“When BHP just decided to change its language it was enough to cause the futures markets to say ‘hang on, there is rationality coming into this supply context, these guys aren’t going to continue harming themselves or the country ,we better put the brakes on too’, and as soon as that happened the futures price went up and that is connected to the physical price and that pulled up the physical price.”
Mr Andrew Forrest believes he has won a battle in the iron ore war, from the AFR:
