schmunzel, the biggest near term influence on REO prices will be the success or otherwise of the new Chinese trading platform/stockpiling and equally their efforts to control smuggling.
Early indicator may well be the SP for Baotou, China's largest producer and key member of the trading platform:
http://au.finance.yahoo.com/echarts?s=600111.SS#symbol=600111.ss;range=6m;compare=;indicator=sma(50,200)+mfi+macd+volume;charttype=area;crosshair=on;ohlcvalues=0;logscale=off;source=undefined;
General consensus is that Chinese COP has increased from single digits to circa $20/25kg so they are hardly likely to start giving the stuff away to ROW, hence the stockpile. Chinese have an inherent interest in stabilizing REO prices and from there we could see some appreciation in the more sought after CREO prices.
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