G'day Redback i shorted bci on Wednesday as I thought the share...

G'day Redback i shorted bci on Wednesday as I thought the share price would drop lower yesterday. It did hold up quite well though. In the short term it's to hard to quess what the share price gyrations will be, the market is so volatile with ungoing uncertainty in the Shanghai markets and the potential impact this will have on their economy not too mention what is happening in Europe. In the medium to long term the fundamentals are not good at all for iron ore, the chinese steel production is in decline and may fall substantially lower as steel prices are very low and there is a market glut. On all evidence available the iron ore price is set to go lower this year with the upcoming supply side growing, the fundamentals for steel and iron ore are shocking. I believe bci's share price in the medium to long term will decline further as the iron ore price this year continues to decline, until enough supply has been forced out of the market.