Iron ore price charts for January 12, 2017:




Benchmark spot fell 1% to $78.30. Futures fell. Steel fell. Direction over the next few months will hang on Chinese restocking and Pilbara weather. Given the La Nina and the early year big steel build it is wise to expect price firmness through Q1, as said last year.
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But, beyond that, a cliff looms. Major steel mills have slashed steel output:
