Iron ore prices for Febraury 3, 2020. A day to remember:
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That’s the largest one day fall in spot I have ever seen. Paper was limit down all day. Overnight trade is suspended. Steel was crushed.
Trying to pick price points right now is useless. All I can say is that it appears the virus has reached pandemic critical mass within China so I expect the shutdowns to get worse not better for several more months until the infections peak, at a wild guess, in April./May.
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