No, pulled up the Great Lakes Ore shipments dated Dec 7, 2013:
"CLEVELAND—Shipments of iron ore on the Great Lakes totaled 5.5 million tons in November, an increase of 7 percent compared to a year ago. The November ore float was also 4.1 percent ahead of the month’s 5-year average, but trailed October by 7.7 percent."
I saw this update this morning on JOY from GS and assumed that was the reason for the drop in CLF and BTU. Of the big 3 automakers, I think only GM saw a slowdown in sales month-to-month. All are still growing sales YoY.
@@@@Don’t expect 2014 to be much better for Joy, says Goldman Sachs analyst Jerry Revich and team, who cut Joy Global to Sell from Neutral. They write: We downgrade JOY to Sell from Neutral as we see significant commodity and equipment over-supply driving medium-term growth headwinds relative to our broader coverage. While we missed the stock last year when it underperformed our coverage by 29%, we believe mining capex budgets will remain under pressure longer than the stock is discounting today, trading at a 30-40% premium to Machinery peers on 2014-15 P/E. Following a 10-year mining investment upturn in which major miners increased capex by over 500% and issued over $200 bn in debt to fund growth, our in-house analysis points to significant medium-term excess supply in iron ore, coal, and precious metals. When adjusting for the difference in mining company capital deployment, current levels of equipment demand imply miner reinvestment rates well within the historical range – suggesting current levels of equipment orders are sustainable, while consensus estimates discount an order recovery in 2014. We see 11% downside to our price target vs. +6% for our machinery coverage and rate JOY as a Sell in the context of our Neutral coverage view