Firstly, can up explain for our benefit why you posted...

Firstly, can up explain for our benefit why you posted this...."For FMG to claim they produce at $55 is also blatant misleading of the market"... and back it up.

If the spot price slump is a result of Chinese economic slowdown (a very threatening thing for the government given unemployment could spark wide-spread social unrest), the the fall in IO spot price corresponding with economic shrinkage would happen gradually.

If the Chinese economy is really in such trouble, then after the 180 billion infrastructure stimulus (which are actually not new initiatives but only just approved), then there will be much more to follow.

The fact is no-one really knows where the IO price will go in the short term (for it has benn manipulated). The $120/tonne floor may still be valid by definition (over a sustained period of time).

The IO buying strike through extreme de-stoking (which has now lasted twice as long as previous instances).

I suggests you just keep you eyes on the Chinese bank lending for September. August was already a RECORD for the month of August.