The ferrous complex was weak again on September 2, 2021 as spot fell more and paper held on:
There is now an iron ore glut. It is everywhere you look. FMG grade discounts are blowing out:
As iron ore prices have fallen from record highs, Fortescue Metals Group (ASX:FMG) has seen the return of significant grade discounts for its lower grade iron ore. Around 28-30% of that product RBC says is made up of a ~56% super special fines mix with high levels of impurities like alumina and silica.