From vale of Brazil in 2019 dam collapse to the 2020 epidemic swept through the global, many large iron ore producers have cut investment, shut down the mine, iron ore supply side under "interrupt" crisis, the industry a large number of idle capacity clearing, amplify the supply disruptions and the impact of China's iron ore demand growth, iron ore price sensitive.
The price of iron ore has soared, boosting the coffers of the mining giants.
BHP Billiton posted its best profit in seven years in the second half of last year, up 16.4% to $6.04 billion (39.18 billion yuan), the company said on February 16.
From January to December in 2020, the key statistics of China Iron and Steel Association show that the profit of iron and steel enterprises is 207.4 billion yuan, which is only 5.3 times of the profit of a single enterprise of BHP Billiton.
A recovery in the global economy and steel production outside China will also support iron ore prices.
Iron ore prices are expected to remain firm over the next six months.
Chinese steelmakers will continue to be under pressure in the short term.
For now, and even for a long time, the three major iron ore producers -- Vale, BHP Billiton and Rio Tinto -- will continue to dominate the market, with a relative lack of competition and high barriers to entry weakening China's pricing power in the market to some extent.
The infrastructure cost of the Simandou project is likely to exceed $20 billion and, in particular, requires the construction of 650km of new railway through mountainous and inaccessible areas. The Simandou mine is not expected to be operational for another five years or more.
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