The head of mining and commodity trading giant Glencore said the strategy of rival companies to oversupply the market regardless of demand had hit the mining sector's credibility and tipped it into a confidence crisis. Chief Executive Ivan Glasenberg has criticised competitors such as Anglo-Australian BHP Billiton and Rio Tinto several times for flooding the market with new, low-cost, iron ore supply which critics says has sent prices into a downward spiral.
