I don't want to call the Iron Rally yet....but I will be the first.
Up near 20% in 3 trading sessions. The Chinese Mills been turned back ON ?? Wow.
Chinese have Same supply problems as before but worse. In fact their domestic ore is crap, Vale a year away from any production boost and delivery and the future Chinese Iceland Ore project mine has been stopped. The Chinese manufactured this IO price drop to accumulate ore not Olympics..... but shipping constraints meant they have barely added to their Inventories. All this equals back to $200t....why ? nothing has changed from when IO was $200+t except they turned off Mills for three months any longer and they crash the economy. Now those Mills have to go full Boar to catch up Steel demand (Dickheads??)
Mt Gibson have so many options now. IO price could even shoot back to $200t at record speed.
MGX Price at posting:
40.5¢ Sentiment: Buy Disclosure: Held
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