Forget about Dalian. Whether IO price sustainably stabilizes or just temporary flatlining before another plunge is active physical seaborne trade driven by real demand by the big steel giants. MySteel and MB again indicate the steel mills are nowhere to be seen.
IO price may close in the high $140s come tomorrow night but if there still ain't buying by the steel mills come next week then it may be time to start hedging the bet.
If the China regulators who out of nowhere declared IO as a strategic resource (as if they have taken tangible measures soon to be revealed) have systematically stockpiled steel, iron ore (both domestic and imported) and has significant IO production capacity built up overtime just unleashed, then our UBS wacky friend's prediction of Aussie barges being held up at Chinese ports is not a far fetched scenario.
I am sure BHP (that warning was chilling) knows about what lies ahead but remains tight lipped cos they don't want their spies in China to be compromised. Remember that Stern Who guy spying for Rio who got busted.
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5 | 85170 | 20.650 |
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Price($) | Vol. | No. |
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