A quick aside today to arm readers against the rhetoric of Andrew Forrest in the future when it comes to the question about who killed the iron ore price. Chart from Bloomie:
There have been various mine openings that have impacted the iron ore price incrementally over the years but one stands out as the major turning point at which the iron ore price blew up all expectations of any high “price floor”. It was the opening of FMG’s large “Kings” mine in early 2014. The subsequent BHP expansions hardly even register. RIO ships from Cape Lambert so its volume ramp up last year is not on the chart but it was certainly no worse than FMG’s impact.
The point here is not the blame Twiggy Forrest for price falls, it is to point out that his blame of others is absurd.
