China's exports and imports fell more than expected in October, with weak domestic and global demand adding to doubts that a pick-up in economic activity in the world's largest trading nation can be sustained.
The three producers collectively control about 60% of global exports and have been pumping billions of dollars into expanding output, squeezing higher-cost producers in an already over-supplied market. Oil slumped almost 50% last year, the most since the 2008 financial crisis, amid a supply glut, mirroring a 47% collapse in iron ore.
The collapse in global iron ore prices isn’t chasing Gina Rinehart away from the red soil of Western Australia that made her a billionaire. Like producers in Brazil and some in China, she can still profit from the metal.