Here is a another graph (figures as of end 2006) that looks unsustainable in the medium term to me. This figures from the International Iron and Steel Institute.
Allan Gray, an asset manager here in SA for which I have the highest respect, up there with Warren Buffet definitely, seems to agree in an interview on Moneyweb with my opinion that the Steel companies have had their day in the sun, and by implication I think the iron ore companies as well. Neutral in my position on them at the moment, but waiting for an oppertune time to short them again.