Iron ore price, page-37350

Ok not the best price action overnight

ore futures finish 627 yuan , close to overnight session low and indicating approx 97 usd

good set of economic data in USA all better than predicted saw some big moves coming into options expiry - seemingly flipping the fed taper crowd ideas yet again - rates up- usd up- idea of taper brought forward - gold rush of last week unwound quickly

moves in ore futures imo took a leg down and lost support on reports of further steel and coal output curbs in China to be placed on a number of other cities starting October and running till March 2022 in preparation for Winter Olympics - I guess they again are trying to signal the want the prices pressure off by seeking to have clear sky’s for world media expected to showcase China during the event

sorry I did not snap the headline to post from Bloomberg

fmg overnight action off heavily—7.17%

But to be honest I don’t take that as a good indication with only 108000 shares traded, I d be surprised if she is down that hard today

hopefully a retest of 100 in ore in the not too distant future as it’s not that far away , but in the meantime some more downward pressure expected today - it remains a hard wait.

Silver lining short term pain here due to margin compression is or will knock out any chance of some other ore mines being built that were looking to make a bit of money on a high ore price- won’t help today but should solidify the competitive advantage of the big four once the rout is over

good luck