Spot was down sharply. Paper rallied overnight on BHP’s train wreck. Steel looks ready break down. Port Hedland shipments remain weak as miners find all manner of excuses to reduce volumes. They haven’t grown in 18 months.
BHP has declared force majeur:
BHP does not believe its stockpiles of iron ore at Port Hedland, in Western Australia’s Pilbara region, will be sufficient to meets its contracts with customers following the deliberate derailment of an out-of-control train.