One more BHP suprise coming and don't say I didnt warn you all IMO
While iron ore price held steady for the week
From my estimates Chinese construction and infrastructure demand look weak from my recent estimates.
Steel margins are not strong enough and chinese mills will continue to lose money
Overcapacity in the steel market and current low prices will trigger IMO more corporate downgrades putting downward pressure on the price of iron ore IMO
I dont see any significant support to push this price up, looking at the chart severe downward pressure remains, and could break all time lows below $37 IMO
This is just my research and opinion ..
Sentiment = I will be shorting iron ore Monday hopefully 303 yuan and above is still there for me to take
Anyway make your own decision and research - I would never tell anyone here to sell
One more BHP suprise coming and don't say I didnt warn you all...
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$41.54 |
Change
-0.530(1.26%) |
Mkt cap ! $210.6B | |||
| Open | High | Low | Value | Volume |
| $41.57 | $41.84 | $41.31 | $356.2M | 8.577M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 5000 | $41.52 |
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| Price($) | Vol. | No. |
|---|---|---|
| $41.54 | 2990 | 1 |
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| BHP (ASX) Chart |