Didn't need a crystal ball to see this coming.. 

Didn't need a crystal ball to see this coming..  China tried to short shot iron miners by cutting demand, thus lowering prices,  and thought the producers wouldn't have choices but to continue selling at these low prices. These goliath company's can wait as long as it takes for prices to come back. I said only a few weeks ago, that the big guys would rather close up than work for chicken feed. Looks like they are going to slow down their drinking for a while until they get some more whiskey in the glass..

http://www.mining.com/when-bhp-gives-up-on-ir...ver-70416/