Between 1984 and 2004, the iron ore price averaged US$13 per tonne, while the three years from 2004 to 2007 averaged US$33 per tonne.
It’s only the last seven years where the iron ore price has risen dramatically. Much of that was due to massive growth in China’s economy, which now appears to be slowing.
But that huge demand meant iron ore miners around the world rushed to take advantage and add increased production. Simple economics really.
But that cycle may be turning now supply outweighs demand.
Source: Indexmundi
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