Author: Paul Ploumis17 Oct 2014 Last updated at 06:54:47 GMT
CANBERRA (SCRAP MONSTER): The Premier, earlier stated that, both the companies are working together to depress the iron ore market, and is the most important factor that declined the price of iron ore, and also a sharp decline in the price of the raw material. The head of Fortescue stated that he agrees and sympathizes with the Premier.
He stated that what the Premier stated was highly understandable, and he is also stated that, there is truth to the plan of these companies to squeeze out the market dry and somehow gain from it too. But it is already known that, these plans would have no kind of effect on the market and is tried and failed by many.
Even saying so, the latest reports from Fortescue, states that, the company is also rapidly increasing its production. In the latest supply from the company, has produced over 100 tonnes, of iron ore, for the last four years and is planning to increase the production to 160 million tonnes in the year 2014, as most in the current financial year. The head of the company stated that, the company started expanding production by the year 2010, when iron ore was at its highest peak.