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.
Iron ore price, page-1667
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