Here’s todays price update and charts for the iron ore complex, as at 20th January 2016:
There’s a bottom forming here going into Chinese Lunar New Year with rebar surprising on the upside the most. However, it will only be temporary. As I mentioned yesterday it seems reality hasn’t caught up with Rio Tinto, which announced its Q4 shipments of iron ore, a 11% increase year on year, and has no intention of slowing down. From Mining Review:
Despite weak iron ore prices, global mining giant Rio Tinto intends to increase its iron ore production from 327.6 Mt in 2015 to about 350 Mt in 2016.