Olympics ? be patient a recovery is inevitable Could the Winter Olympics be pushing iron ore down ?
The Chinese are slowing industrial activity in an attempt to clean up pollution in anticipation of the Winter Olympics. Somewhat like they did for the Summer Olympics 2 years ago. Demand for iron ore is down.
Have you ever been near an iron ore processing plant in winter: concentrate and pellets?
I have seen massive black piles piles all over the place. Lab City 40 years ago was terrible. I am sure it is cleaner now, but still when things start to melt the dust gets concentrated and black plies appear.
IMHO we are in for a couple more months of low prices which will change abruptly when the Olympics are over and the media has left.
This is typical CCP manipulation of their economy using all the SOEs.