Iron ore is trending down, eg $130
,Updates rebar price)
SHANGHAI, May 24 (Reuters) - Spot iron ore prices fell to a
6-1/2 month low below $130 a tonne this week, as steel mills in
top consumer China deferred shipments and curbed fresh buying
after domestic steel prices hovered near their cheapest in half
a year.
Plummeting steel prices, which have shed 6 percent in May,
coupled with doubts about domestic demand, are keeping China's
army of steelmakers on edge, making them reluctant to commit to
new orders.
Conclusion Observed:
The GICS materials index is down 40% in 18 months
BHP and RIO share prices and Coal stocks eg New Hope also down 40%.
Together with China's domestic steel demand has got the steel makers and us Australians on edge...
So we are in a very bearish market at present.
bhp price traget 16, page-50
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