Here are the iron ore charts for August 11, 2014:
Paper markets are weak with rebar futures down as well. Physical is also weak but the BDI cape did rise 2.5%.
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This market is going nowhere right now. Chinese steel production is weakening seasonally but I’d have to see a new downtrend in rebar to begin to expect any further raw material destocking. Conversely, restocking usually begins by September in anticipation of better demand.