Pondering this some more, perhaps the IO price strength is due to stronger steel rebar prices in China (the two seem very corralated of late) and higher margins for steel producers?
The catch is, supposedly rebar prices are increasing ahead of expected production cuts... perhaps steel mills are trying to produce as much as they can before they are told to curtail production and thus the rush for IO?
https://tradingeconomics.com/commodity/steel
Iron ore price, page-50461
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$20.14 |
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Mkt cap ! $62.01B | |||
| Open | High | Low | Value | Volume |
| $20.11 | $20.40 | $19.80 | $203.8M | 10.11M |
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| No. | Vol. | Price($) |
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| 1 | 10 | $20.13 |
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| Price($) | Vol. | No. |
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| $20.14 | 17291 | 1 |
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| FMG (ASX) Chart |