No doubt there is plenty of manipulation of stockpiles of both Fe and Coal.
Very interesting that Macartur's coking coal exports were halved and very interesting the way the Fe negotiations will play out.
China switching to more local supply is only a temporary strategy designed to bring prices down (of coal). If the local supply was so good and reliable the Chinese would never import anything from Australia in the first place.
Whatever they are doing it appears they are prepared to hurt themselves in the short term to try and ring out some long term gains.
UMC Price at posting:
42.0¢ Sentiment: Buy Disclosure: Held
