If the TTY clowns can't take advantage of this situation, then they should all resign and get jobs as street sweepers.
Spot prices for IO is about to surge through the US$200/ton, as India shuts down 23 Iron Ore mines.
"It seems prices will hit $200 per tonne soon."
Iron ore spot prices in Asia remained strong on Friday and looked set to hit $200 a tonne soon, buoyed by demand from top buyer China and fewer high-grade cargoes.
The rally that began at the start of the year lifted key price indexes to record levels on Thursday and traders say the momentum could extend to at least next week before the Chinese week-long Lunar New Year holiday starts.
Chinese New Year kicks off on Feb. 2.
"There's not much high-grade cargo available and that's the reason why prices are rising," said an iron ore trader in Singapore.
"And the Chinese have no option so the buying activity will continue until next week. If supply remains tight when they are back from holiday, prices will continue rising."
Iron ore supply has been tight, with fewer cargoes out of Brazil due to rainy weather and Indian exports hampered by logistical problems and a ban on shipments from its Karnataka state since July.
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Indian state halts output at 23 iron ore mines
(AFP) 7 hours ago
BHUBANESWAR, India ? India's biggest iron ore-producing state said Saturday it has withheld permission from 23 mines to operate because they have not supplied proof of environmental and other clearances.
The mines affected by the move by the Orissa government in eastern India are in Keonjhar district, state mining deputy head Umesh Jena said.
Orissa produces some 75 million tonnes annually of iron ore, the key raw material for steel.
"We have asked operators to supply documents like forest clearances, mining leases and surface rights within a week," Jena told AFP.
"Till then, they can't carry on mining", he said, adding further action would "be initiated" against them if they did not submit the papers.
India is the world's third biggest iron ore supplier with nearly half of its output of over 200 million tonnes exported to China, which has the world's biggest steel industry.
Orissa's move comes as part of a drive to more enforce regulations introduced in 2009 amid charges many mines were functioning without licences.
Orissa has some 600 mines but over 50 percent have been closed for more than a year since the crackdown began.
The government also said earlier this month said it was considering seeking a ban on exports of iron ore to stop illegal mining and boost local supplies.
Orissa's government found at least 2,823 cases of illegal mining in the five years to June 2009, according to the Press Trust of India.
India's steel industry has been pushing for a ban on iron ore exports to make more of the raw material available locally at cheaper prices.
The country's booming economy faces increasing demand for steel to build badly needed infrastructure and to meet burgeoning demand from the consumer durable goods sectors.
If the Orissa state government's export ban wins acceptance from the federal government it could sharply reduce India's iron ore exports, which have already slumped due to a halt in overseas sales by southern Karnataka state in July.
The drop in exports is seen forcing China to rely more on supplies from Australia and Brazil.
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