Iron ore charts for October 17, 2016:
Tianjin benchmark added 1.8% to $57.80. Paper finally flamed out last night falling -3%. Rebar took off, showing that for now mills can pass on some costs to what must still be decent demand.
A big rally in steelmaking raw materials including coking coal and coke this year has sharply increased Chinese steelmakers’ production costs and eroded mills’ margins, forcing a growing number of steelmakers to start booking losses.
