Australia’s “Business Daily†reported today that the earthquake in Japan has brought an unexpected impact on the global iron ore market. The large-scale demand for steel after the post-disaster reconstruction did not ignite investor and trader confidence in iron ore prices. Just as the Big Three secretly rejoiced that the price of iron ore hit a record high of US$200/ton, spot iron ore prices fell to US$170/ton in just two trading days. Such a sharp drop triggered concerns that the global supply of iron ore may have been oversupply. Analysts pointed out that in the context of continuous price increases for many years, the world’s top three iron ore suppliers have increased their efforts to increase investment, and a large amount of money has flowed into the iron ore mining sector, resulting in a surge in global iron ore supply. . The article in the "Business Daily" stated that unlike other precious metal commodities, steel does not have the function of maintaining value and increasing value. Therefore, in the long run, the prices of steel and iron ore mainly depend on the supply and demand conditions. The article points out that in fact the current Big Three's steel business is already at a profit. Take Rio Tinto and BHP Billiton as examples. The iron ore production costs of the two companies are less than 40 US dollars per ton, while the price of exports to China is as high as 145-180 US dollars per ton.
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