Iron ore and coking coal were trying to rally this morning before a stern word from the NDRC declared that prices have further to fall and remain far above production costs. Ain’t that the truth:
Indeed they are. FAR below. Dalian coking coal:
And iron ore:
RIO is in free fall. For some unknown reason, FMG and BHP are again miners of coconuts:
As this all happens while the RBA loses control of YCC leads one to suppress a hysterical giggle.
These markets are completely bonkers.