“Two small iron ore firms have recently shut mines in Australia because of low prices and Goldman Sachs says half the world’s so-called ‘tier two’ miners are at risk of closure. Spot iron ore prices have fallen 60 percent in the past year on surging output blamed on overestimates of China’s appetite for imported ore by mega miners BHP, Vale and Rio Tinto. The World Steel Association expects China’s steel production to contract by 1 to 2 percent this year. BHP and Rio have been able to cut costs more than smaller rivals, leaving them better able to weather low prices.”
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