Iron ore price update for October 24, 2016:
Do not adjust your TV set. Tianjin spot rose 0.5% to $58.70. Paper went bananas. Rebar is falling. Coking coal is now at $240 per tonne. Thermal appears to be topping. Chinese steel mill margins sank to new lows.
Chinese futures are ignoring all fundamentals now: the big stall in Chinese housing, rising port stocks, falling steel exports, more iron ore supply, crushed steel margins.