Daily iron ore price update (down she goes)

Here are the iron ore charts for January 22, 2015:

Paper is burning. Physical too. Though benchmark held above its December low at $66.30 while Qingdao fell through its. Of the three descending triangle patterns in the above three charts, two have now broken, the third must soon. Rebar and coking coal are still tumbling. We are into another leg down. Texture from Reuters:

“Poor steel margins are hurting smaller steel mills in China, especially given the current state of tight credit where they have very little cash to be able to withstand losses,” said a Singapore-based trader.