1.00 within reach, page-6

add this to the puzzle:

"Despite it being a traditionally quiet season for Australian and Brazilian iron ore exporters, panic buying – largely by Chinese steel mills – has driven the price of Australian iron ore well past $US150 a tonne.

The Australian Financial Review reported that Chinese steel mills are concerned about dwindling spot iron ore supplies from India, while also concerned about potential supply disruptions caused by cyclones.

Analysts have predicted that India will export little, if any, iron ore in 2013, further pressuring supplies elsewhere.

India is out at the moment and it's usually strong when Australia and Brazil are weak,” Shanghai-based CLSA analyst Ian Roper said, according to the
AFR.

“I can't imagine where prices will go if there's a cyclone off Western Australia – and it's already raining heavily in Brazil.”

On Friday, the spot price for iron ore rose $US3.50 a tonne to $US153.30 a tonne. Prices have jumped 5.8 per cent since December 31, the AFR reported.

“There was no liquidity in the past two weeks of the year, so even if you wanted to buy ore you couldn't,” Mr Roper said, according to the AFR.

“It's a herd mentality at the moment: A-shares are rising and everyone is bullish about steel demand this year.”

http://www.businessspectator.com.au/bs.nsf/Article/Panicked-Chinese-mills-sending-iron-ore-prices-hig-pd20130107-3QQP4?OpenDocument&src=hp27