Iron ore price, page-3180

We either have "support" or "short covering" today because SP only down 5c or 1%. I say most likely "short covering" before the weekend.

The Chinese steel market volume is still low today and everywhere you see price is falling.

This just in at 6pm: Tangshan Billet 3520 yuan, down 100 yuan.

I haven't see "prices" (steel or IO) drop this fast at all. The "Yellen Speech" this week basically gave "bears" in China a BIG reason to short SR/IO/Coals and pretty much anything Metals really.

I say this "Yellen" effect might drag on until we see demand for Steel and IO picked up again next week, or this weekend, but 100 yuan drop in Billet doesn't give me much hope.

September last year, IO Price moved less than US$4, this month so far US$15+, IO Demand is actually not bad and IO Port Inventory is falling, but when those Chinese Future traders wants to short, they short hard. When they finished and decide to go long, that's when FMG will run hard again.

Will post weekend markets results when available.

DYOR.

Frank.