Its Over, page-23296

Iron Ore fell through $100 to $91!

BHP's move to $36-$37.50 range is now on the cards.
5 year view
BHP Stock Price and Chart — ASX:BHP — TradingView

Its Over, 75203406, page-23273 | HotCopper Forum
and 5 months ago, I posted this warning you about BHP and Iron Ore
Its Over, 72777220, page-20587 | HotCopper Forum
Warning about more iron ore pain

Alex Gluyas

Markets will be closely watching iron ore markets on Monday after the price of the steel-making material sank more than 9 per cent last week to its lowest level in two years.

The sell-off was triggered by comments from Baowu Steel Group, which warned that conditions in China’s steel market are worse than the downturns of 2008 and 2015.

The spot prices of iron ore tumbled 0.9 per cent to $US91.9 a tonne on Friday.

Indeed, steel mills are already pulling back on output given the decline in prices, with July volumes down 9 per cent on the same period last year. That is expected to trigger a pullback in iron ore purchases due to weak margins and subdued steel demand.

“The weight of China steel pressure looks likely to bring further price slippage in the very near term,” warned Helen Amos, commodity strategist at Morgan Stanley.