Iron ore price charts for October 27, 2017:
Tianjin benchmark got smoked $1.90 to $58.70. Paper recovered a little overnight. Steel fell sharply. Everything is at the bottom of recent ranges and shutdowns have not even started in earnest yet, via Reuters:
“More cities, including Tangshan, have been ordered to deepen production cuts during the winter season. Low-grade iron ore prices have almost touched the bottom, but we don’t see any support for prices in the near term due to falling operational rates at mills,” said Zhao Chaoyue, an analyst with Merchant Futures in Shenzhen.
