“Chinese steel output continues to lift despite falling prices, with crude steel output rising to a record-high last month,” he said. “The sharp rise in coking coal prices has also squeezed Chinese steel mill margins, further reducing the appetite of mills to purchase iron ore.”
Read more at https://www.*.com.au/the-iron-ore-price-rout-just-went-up-a-gear-2017-4#PjRhUvIfQg6kVDm5.99
For goodness sake everyone keep your clothes on. The Chinese are smart. The price of iron ore went up last year because the Chinese need it. From reports this need has not ceased. The Chinese would not have paid high prices if they did not urgently require iron ore. They still require Sh&t loads of iron ore for their booming pop (2 baby policy) and India is modernising. Yes we have a dip in the price at the moment. But just like the forecasters got the iron ore price wrong last year, the iron ore price should pick up after China finish their Summer of smog.
Sorry for the ranting.....a few wines.
AGO Price at posting:
1.5¢ Sentiment: Buy Disclosure: Held
