Find below the iron ore price table for October 30, 2013:
And the charts:
The $131 support level for iron ore has not yet broken and rebar has stabilised as Chinese money markets found calm so thoughts of imminent decline must be on hold momentarily even if the odds still favour it.
In news, Roy Hill continues its happy mutterings: From the AFR:
“I have been involved with a few different projects and you always have things come in from left field. There are always surprises [but] there have been no fatal surprises, no fatal flaws,” he told The Australian Financial Review at the Mines and Money Conference in Melbourne.
…“It will have a profound affect on Australia. The number of employees will be more than General Motors Holden yet there is no subsidies or talk of subsidies,” he said.
Good for it. In my view it is also going to drive down Australia’s terms of trade a lot faster than otherwise as it exacerbates a big oversupply scenario, hitting incomes everywhere. Time will tell.
