Iron ore prices for July 4, 2018:
Tianjin benchmark was down 40 cents to $63.35. Paper kept falling overnight. Coking coal futures are taking quite a bit of pain. Dalian is now pricing iron ore at $56 and coking coal at $140 twelve months out. Steel held up better owing to largely irrelevant statements about steel closures.
The ferrous complex is beginning to break down with wider metals as China risks mount. It could be destocking as much as demand. But it is discounting falling demand in H2 either way.
