The SMH blog has some nice quotes on the iron ore market today:
Rebar futures steadied on Monday, but still near record lows reached on Friday. The most-traded rebar for October delivery on the Shanghai Futures Exchange was little changed at 3,096 yuan ($US500) a tonne by midday, after hitting an all-time low of 3,063 yuan in the previous session.
At the Singapore Exchange, iron ore for delivery in August fell 1 per cent to $US97.85 a tonne, the lowest since it launched iron ore futures in April 2013.
“Now that we broke through $US100, I think that’s a very bearish sign. It shows you there’s a lot of supply around,” said a trader in Singapore.
…That price will most likely fall below $US100 later today at the fixing, traders said, with bids for high-quality 62-per cent grade cargoes at as low as $US94.
“Certainly I will say some Chinese mines will be shut and that means import volumes may remain strong and that could support the price above $US90,” said a trader in Shanghai.
Wasn’t it below$120?
