Brazil and Australia are flooding the iron ore market. It’s sad because these MN iron ranges helped us win WW2. At least they will keep it idle if needed...
It’s not so much of an ore issue as a steel issue. All of that Brazilian and Australian ore is being dumped into Chinese furnaces. They increased their annual output to over 750 million tons, with a target of one billion tons of steel annually.
. . . until a foreign-owned company offers to buy them.