Fortescue Metals chairman Andrew Forrest says Brazilian iron ore giant Vale is a responsible producer compared to Australian rivals Rio Tinto and BHP Billiton.
Vale, the world's biggest iron ore producer, does not agree with the current price war and plans to take up to 30 million tonnes of the commodity off the market, Mr Forrest said.
"The Brazilians haven't played the game which the two multinationals who mine their wealth from Australian soils have played," he told ABC radio.
"They have been responsible.
"They have expanded to the market."
However, China this week struck a $US4 billion loan deal to help bankroll a 90 million tonne expansion by Vale, putting further pressure on higher cost producers such as Fortescue.
Mr Forrest says BHP and Rio are manipulating the market to drive out smaller players, but his call for a parliamentary inquiry into the industry have been rejected by the federal government.
Mr Forrest rejected perceptions he was only looking out for himself.
"I cop that self interest argument all the time," he said.
"If I could have joined a cartel I wouldn't have."
The government has bowed to "plane loads" of lobbyists in deciding not to launch an inquiry, he added.
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