Iron ore price charts for August 26, 2016:
Tianjin spot tumbled -3.3% to $59.10. Paper was smashed Friday night so we might see a rough repeat today. Steel is firm. Port stocks fell 150kt on the week.
Whether this is another hiccup or the beginning of the seasonal correction is pretty immaterial at this point. It’s coming and soon. Port stocks are huge and may begin to destock. The Fed hawked up Friday night as well so the monetary winds have turned as well.
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