The leading edge of the iron ore tsunami is sweeping ashore today as the price continues to tumble. The lead story at the AFR this morning contemplates the unimaginable, falling volumes:
“Big mining companies talk about [volumes to China] peaking in the 2020s, and then plateauing, rather than falling off,” says former BREE chief executive Quentin Grafton. “That could be happening now.”
“We are at or near the volume [of iron ore] Australia is going to achieve,” said Tim Murray, managing director of Beijing-based J Capital Research, who says iron ore volumes will not offset declines in ore prices in future.
