Iron ore price charts for September 15, 2017:
Tianjin spot slumped 3.4% to $70.90. Coking coal futures were eviscerated. Port iron ore stocks tumbled over 1.2mt to 132mt. The top is in here. Chinese data is softening. Credit is softening. Steel mills are going like the clappers to build stock before they’re shut-in for the winter so steel inventories are rising fast. Reuters has texture:
China’s steel prices fell nearly 2 percent on Friday and posted their biggest weekly loss since early June on growing concerns about a glut as mills in the world’s top producer rush to churn out metal ahead of a winter crackdown.
