Sparks fly on Fortescue ‘cap output’ remark

摘要

Fortescue Metals Group founder and chairman Andrew Forrest’s suggestion Tuesday that major iron ore producers should cap output to push up prices has attracted the attention of Australia’s corporate watchdog and federal treasurer. Speaking at an AustCham dinner in Shanghai Tuesday, Forrest said he would willingly “cap my production right now,” according to media reports. “All of us should cap our production now, and we’ll find the iron ore price will go straight back up to $70, $80, $90,” he said, adding it would be more beneficial than “this foolhardy attitude of deepening your expansions into a falling price.”