Bloomberg reports again that rebar prices increase for third day on Iron Ore Gains. Iron ore advances to $120.50 per dry ton.
Today was a low volume short sellers in the market with no buyers, with this news about iron ore prices and good employment numbers, CLF will take off! Take the whole basis of the short's position off the table, falling iron ore prices in China, and you will have shorts running to cover now.
You have to pay to get Platt price, but at Steelhome.cn, it is free. Daily change of iron ore price has little impact on Clf's earnings, but monthly or quarterly average mean a lot for Clf. If iron ore price can go up to $130 or $140 till yearend, shorts would be squeezed very hard and Clf's share price could go up to at least $50, IMO.
Find below the iron ore price table for July 3, 2013: Rebar future also bounced. All of these markets now have good technicals with double bottoms and incipient up trends in place. I reckon this can run some way yet.