Is the commodity supercycle dead, or just sleeping? That's more than just a rhetorical question when it comes to Australia's Fortescue Metals Group (OTCQX:FSUGY).
On one hand, it seems hard to believe that China will re-accelerate its infrastructure and capital spending programs to such a degree as to bring back the commodity glory days of just a few years ago, not to mention there's a lot more supply online now to deal with it. On the other hand, Chinese steel mills still source a lot of their iron ore needs from high-cost domestic mines that simply cannot compete with Brazilian and Australian imports.
In the case of Fortescue, I believe there are multiple factors that should drive a...
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