Not so much anymore. Spot prices on iron ore have fallen by 50% since the summer and contract prices are similarly declining. The iron industry is set for a big bust as Chinese and global demand declines in the next few years at the same time they have massively raised supply by bringing new mines into operation. Expect iron ore prices to fall dramatically further and contracts to be re-negotiated. Some Brazilians are apparently too stupid to recognize this as Vale is now demanding another 20% price hike from the Chinese even though Chinese ports are glutted with excess iron ore inventory, demand is down, and prices continue to fall. They apparently seem to think they have a monopoly, the Australians are wont to disagree. It’s going to get ugly when those miners realize that they have more inventory than buyers are willing to purchase.