sp depressed ahead of restocking

AGO (and other IO plays) wll fly next week as the Chinese return from the extended mid-autumn festival break.

The 2-3 month destocking (essentially last big orders for sea-bourne IO were placed in July and delivered around mid August) is almost reached. Bear in mind it will take several weeks for IO to arrive in China after new orderes are placed.

I sususpect IO spot price will be $110+ almost straight away and creep towards the $120 mark before X'mas confirming essentially of a $110-$120 floor.