china restores depleted iron ore supplies!

Hey Guys

The Chinese Steel Plants are increasing their order intake of iron ore to restore depleted supplies internally!

We should see continued upward movement of iron ore price. Its currently sitting at $150-155 per tonne, as per 64.5% Fe Prices last night, between now and Christmas the spot price should average between $130-$180 per tonne!

Which is a sensational price level when it costs companies like Territory $69 per tonne to extract! :)

Cheers Nectar

http://www.chinadaily.com.cn/business/2010-08/11/content_11135853.htm