People reacting to the sell off in the US and sell stocks like...

People reacting to the sell off in the US and sell stocks like this will fall for the same old trick that happened last time..BHP will also sell off, only to give the market price increases.

Prices of raw materials for steel are booming. Indian spot iron ore prices are trading at $175–180/t cif China, up from $75/t at the start of the year; and spot coking coal was as high as $200/t fob (Australia to India), $40/t higher than recent transactions and more than double this year’s annual contract level ($98/t fob and below). ULV PCI coal (injection coal for blast furnaces) was sold at $97/t fob spot (Australia to Brazil), up from the contract levels of $65–67.50/t. In addition, freight costs have also shot up; for example, the cost of shipping iron ore from Brazil to China is now $87/t, up from $30.50/t last year.