Here are the iron ore charts for March 30, 2015:
Advertisement
And there you have it. Qingdao spot caned to a new low and Tianjin benchmark crushed 2.2% to $52.90. 12 month swaps trashed into the 48s. 6 month futures hit too but since the close have fallen another 3% to 403. Rebar average has rolled and Chinese port stocks rose on the week and remain high. This is wall-to-wall dreadful. And all on a day when China cut mortgage rates. Evidently not enough!
Advertisement
I think it pretty obvious to anyone with eyes that iron ore has fallen into a bottomless pit and will not stop until something very large and very hard breaks.