Iron ore prices for September 6, 2018:
Spot jumped. Paper more. Steel too. Port inventories are falling at a good clip down to 149.2mt.
The iron ore market used to so pure. Today it is all noise and no signal. It’s obvious that steel demand is falling away, that there’s plenty of inventory, that mills are destocking raw materials, big miners are getting smashed, yet Dalian reacts to the slightest news on irrelevant supply rationalisations and Chinese stimulus like a cat on a hot tin roof.
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