io price, page-132

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It was up $3.42 at one stage so looks set for another rise overnight in IO. If you've done your homework and think at $90/t that was the bottom then go for it.

Been watching bloomberg all morning, Of all the "experts" interviewed all were cautious-bullish on China, Of the cautious one he would wait for the official PMI due next month, if weakness is shown then the government would have no choice but to introduce more aggressive stimulus to meet their year target.

Others mentioned neighbouring asian countries are picking up the slack which is shown in those countries GDP

David Lennox from Fat Prophets was interviewed prior to the PMI release, They still see IO at $130/t by years end. They also predicted the current drop in IO and do not see it going lower. They said Chinese steel production is at record levels, The huge stockpiles at the ports are of extremely low quality Fe hence the mills are not going for it and mainly buying spot Aussie cargoes.

He also went on to say China imported 800million +/t year to date (May) and it was predicted for this year steel production to rise 8% on the back of a global recovery.

+ you have those positive comments Premier Li said last week!