Looks like we had some short covering today and with iron ore up again today and likely to crack $140 I'd expect more of the same tomorrow especially if the Dow is up tonight...$6.00 here we come!
China’s imported iron ore prices rose for a third day on Wednesday December 4 on increased buying activity and improved sentiment.
Spot 63.5% Fe iron ore prices were assessed at $139-141 per tonne cfr China during the day, up $2 per tonne from $137-139 per tonne on Tuesday. “Recent higher priced sales on electronic platforms have prompted market participants to raise their prices after a month sat on the sidelines,” a trader in Beijing said. With cashflow tightening towards the year end, mills are opting to buy cargoes on the seaborne market.
FMG Price at posting:
$5.63 Sentiment: Buy Disclosure: Held
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