Find above a chart of the latest key bulk markets. There are signs that, like broader markets, we’re about to witness another roll over in prices. The white line is iron ore and the yellow 12 month iron ore futures. Both are bumping along the bottom of their respective trading ranges. But what concerns me is the recent break down in Shanghai rebar (green). As you can see, ore tends to follow Chinese steel prices. Billet (pink) has also rolled over, though remains well off recent lows.
Thermal coal (red) has had a decent bounce but more recently rolled (which the chart does not show) down overnight to $87. Coking cola remains solid at $220 per tonne.
