"When you have an iron ore price that has dropped as dramatically as it has in the last 12-18 months, we’ve got to build shock absorbers into our system to cope with it,” Hockey says.
China, which buys about two-thirds of all iron ore transported by sea, grew last year at the weakest pace since 1990 and likely will slow further in 2015, and the country’s consumption of iron ore probably will remain weak as steel demand contracts.
RIO plans output of 330M tons this year from 295M in 2014, while BHP targets 225M tons this year from 204M; Vale (NYSE:VALE), the world's leading iron ore producer, expects to produce 340M tons this year.
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