Not only is the price UP but the IO stocks are dropping.
"Iron ore stockpiles at China's major ports (Jan 28- Feb 1)
Till the close of this week (Feb 1), the imported iron ore stockpiles at China's major ports posted at 67.77 mln tonnes, down 2.33 mln tonnes from previous week; out of which Australian ore stockpiles reached 30.86 mln tonnes."
iron ore price, page-4
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