Pretty much picking up where we left off. Spot thrashed as Tianjin benchmark down -3.7% at $64.60. DCE futures down further overnight. SGX is in free fall as well. So is rebar. Chinese iron ore port stocks fell 950kt which is good, I guess, but we’ve wiped one third off the price and lost 1% of the inventory. We need to lose another 20mt just to reach a reasonable high. I’d guess that that’s another -$15 off the price right there. Coking coal futures are crashing while spot launches to new highs above $300 and thermal is holding.
There is one bright spot, via Nikkei:
Prices of coke have swung up on rising coking coal prices following a cyclone that disrupted shipment routes in Australia as well as the Chinese suspension of North Korean coal imports.
