Here is todays price update and charts for iron ore for 19 January, 2016:
Whoosh! There’s been a significant surge in spot prices and the forward end for iron ore, with a 3-4% lift across the board, although rebar dragged by increasing only 1% or so. Price action on the charts looks like bottoming, which is strange given the enormous pressure about to come to bear as China enters their New Year/Spring festival.
One major impediment is the huge stockpile of iron ore mounting up at Chinese ports, about to exceed 100 million metric tons. More from Customstoday:
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