hope you fucks get hammered on long/s getting cut. Iron Ore spots down re: reuters:
"Deals in the physical market had been few and far between
and below current offers, traders said, as Chinese steel mills
wait for further price declines before considering purchases.
The weakness in the spot market continued to spill over to
forward swaps, with the October contract SGXIOc2 cleared by
the Singapore Exchange easing $0.62 to $128.38 a tonne on
Thursday.
Contract prices for the fourth quarter are down by up to 13
percent because of the decline in iron ore spot prices in the
previous three months, the first time global miners cut prices
since moving to a quarterly pricing system in April from a
decades-old annual scheme.
The upcoming holidays in China had also helped limit
activity, traders said. Chinese markets are closed on Sept.
22-24 for the Mid-Autumn Festival and on Oct. 1-7 for the
National Day holiday.
Slower cargoes dragged down the Baltic Exchange's main sea
freight index .BADI to its lowest in two weeks on Thursday,
falling another 3.6 percent for a fourth straight day of
losses. [ID:nLDE68F1R4]
The index tracks the cost of shipping dry commodities like
iron ore and coal.
IRON ORE FORWARD SWAPS (U.S. dollars per tonne):
Singapore Exchange Intercontinental Exchange
September 2010 135.63 131.57
October 2010 128.38 128.52
November 2010 127.13 126.77
December 2010 126.13 125.78
January 2011 124.75 125.56
February 2011 124.63 125.44
March 2011 124.69 125.50
April 2011 123.44 122.48
May 2011 123.31 122.35
June 2011 123.31 122.35
July 2011 122.56 121.61
August 2011 122.31 121.36
September 2011 122.08 121.13
October 2011 121.50 120.56
November 2011 121.33 120.39
December 2011 121.00 120.06
January 2012 117.33 119.54
February 2012 117.00 119.21
March 2012 116.83 119.03
April 2012 116.75 118.95
May 2012 116.67 118.87
June 2012 116.17 118.36
July 2012 116.08 118.70
August 2012 116.00 118.62"
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