Iron ore price, page-1667

Big fall in the SP this morning, the usual Friday sell off??

There was a big drop off in the 58% Premium IO yesterday which might explain the big sell off.

Here are some of the index prices for yesterday:

TSI 62% US$58.80 down US$0.50
TSI 58% US$44.40 up US$0.60

In fact the 58% IO went up and gap of the discount shortened.

But some news article like to use Metal Bulletin:

MBIO62: US$60.24 down US$0.28
MBIO58P: US$45.99 down US$4.53

The reason for the big drop was the premium for the 58% low alumina dropped from US$10.50 to US$7 over night, which represents a drop of US$3.50.

As you can see, IOP still "volatile" while IO Port inventory remains high, so trade with caution.

DYOR.

Frank.