Big Iron is holding on today as Dalian weakens from last night’s gains. BHP is flat, RIO -0.3% and FMG 0.2% (note it’s a weekly chart today):
Another warning on the rally has come from China, via Bloombergo:
Steel production in China, the world’s biggest supplier, will probably contract this year and shrink further in 2017 as local demand slows, hurting the outlook for iron ore, according to Li Xinchuang, a vice chairman at the China Iron & Steel Association.