Here are the iron ore charts for July 17, 2014:
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Looks increasingly like a I did call the top. Paper markets are a big yawn. Physical markets are marginally better with rebar average still rising but spot is down and the BDI cape fell another 3% signalling absolutely no interest in a material restock and probably the reverse, which didn’t stop Vale from making a gig of itself:
Brazil’s Vale (NYSE:VALE) chief executive officer Murilo Ferreira said Thursday prices for the steel-making ingredient would climb up back to historical levels in the second half of the year lifted by a flurry of restocking activity in China.