Iron ore price, page-12028

Business Insider just now

$79.62 = continued much higher r

Realised price than first half and significant cash flow available to fund Eliwana without new debt plus ability to sustain high dividend payout

No justification for sp to tank. I stuffed up again as I did not contemplate over 80.00 cent drop in a few days and did not continue selling down as sp dropped so quickly, like it did on Friday

Short sellers back in force yet again, need one positive announcement to get back to over $7.50 again.

Dreading what will happen at open


——-
Iron ore markets closed mixed on Friday, failing to benefit from signs of strengthening demand in China.

According to Metal Bulletin, the spot price for benchmark 62% fines rose 0.1% to $93.58 a tonne.

Elsewhere, 58% fines slipped by 0.3%, settling at $79.62 a tonne, while 65% fines were steady at $107.40 a tonne.

The mixed and limited price movements came despite a swathe of bullish data on Chinese steel production and demand released during the session.

According to Reuters, citing data from Mysteel consultancy, weekly utilisation rates at Chinese steel mills rose again last week, lifting 0.55 percentage points to 70.58%.

Separately, steel inventuories held by Chinese traders fell by 611,300 tonnes to 12.72 million tonnes last week, according to additional data released by Mysteel.

The data suggests demand for steel, and its raw ingredients, are continuing to improve as Chinese construction levels begin to ramp up.

However, as was the case in physical markets, the data had little to no impact on Chinese steel and bulk commodity futures on Friday.