Good times continue for iron ore miners, with global average cash margins estimated at 75%. This is higher than the industry achieved during the last great iron ore boom of 2010-2013 and is being supported by China's insatiable demand for steel and constraints on seaborne supply. Forecast revisions with this quarterly update result in a tighter seaborne market than previously expected. We now believe the positive flow through from 2020 could last for several years as the supply side struggles to catch up with buoyant demand. We have raised our medium term price forecast by approximately 25% and our longer term forecast by 6-8%. The long run (mid-cycle) price forecast for 62% Fe sinter fines is now $70/t CFR (real terms); consistent with long run marginal costs and project incentive price analysis. In this report and downloadable content, we provide an update on how the latest market developments will shape the long-term outlook for iron ore.