The iron ore futures dropped below $90 for the first time in a while last night.
We are about to break though the lows we hitbin 2012 and prices are now where they were five years ago.
I told peter last month we will be testing the lows again this month.
Hows it looking now timmy , one less troll to deal with , who did not have a clue about anything, typical bull, full of shit and not the slightest clue in the world.
It may test the lows again, but I doubt it will breach 80.
It's a sustained fall, unlike the plunge and correction of a couple of years ago.
All bets are off.
"It were not best that we should all think alike; it is difference of opinion that makes horse races." - Mark Twain on why he avoids discussing house prices over at MacroBusiness. "Buy land, they're not making any more of it." - Georgist Land Tax proponent Mark Twain laughing in his grave at humourless idiots like skamy that continually use this quip to justify housing bubbles.
It's a sustained fall, unlike the plunge and correction of a couple of years ago.
All bets are off.
Mining was the last hoorah for Australia, abeit funded by counterfeit money from a Chinese printing press.
The rest of our jobs will be flushed away because of our uncompetitive wages, uncompetative on any world measure.
But the bulls wont let that fact get in the way of their delusional agenda
No, the ship is not sinking, they said it was unsinkable, even the captain said so, so I am just going to stay here and ride it out.
There were those that were capable and could see the obviuos and bailed out, but there were many that just kept believing the bullshit until it was all too late, they thought it could never happen .
Iron ore fell by 2.0% to USD90.10/t (CFR China), reflecting reports that buyers were seeking volumes from port stocks in preference to seaborne markets because of the lower prices being offered at the ports. Tighter credit conditions amongst iron ore traders and weaker steel demand also helped push down prices.
Base metals and crude oil benchmarks finished mostly lower. Copper continued to lift on better-than-expected US property data released earlier in the week. Gold futures advanced on views that US interest rates may remain lower for longer after US Federal Reserve chair, Janet Yellen, said that US job markets still hadn't recovered fully from the global financial crisis and policymakers must be cautious in starting the process of lifting interest rates. Over the last week, thermal coal fell marginally to USD69.3/t (FOB Newcastle), while alumina advanced 1.6% w/w to USD321/t (FOB Australia).
Novelis, the world’s largest supplier of aluminium sheets to carmakers, estimates that its sales to car manufacturers will almost triple by 2020 as new emission regulations restrict the use of steel and encourage the substitution to lightweight aluminium.
The total number of drill rigs deployed onshore in the US fell from 1,913 to 1,896 last week. Rigs deployed in oil plays declined from 1,589 to 1,564, while rigs deployed in gas plays increased from 321 to 330. The large fall in US oil rigs from record highs likely reflects weaker US WTI crude oil prices and US oil rig operators moving equipment to more profitable drilling locations.
China’s coking coal imports fell by 14.1% y/y to 5.05Mt in July.
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