Yesterday’s iron ore prices show continued consolidation:
I’m not sure we’re going to see much more upside here in the near term. The decision by India yesterday to limit some iron ore exports seems to have little effect on the market. Such news used to send the price up 20% or more. Here are the charts:
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The unfortunate news today is that we are seeing a renewed breakdown in thermal coal:
And the recovery in Chinese shipping indexes is also correcting:
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The bulks really do feel to be entering a long dark…