The trust has ended, but not the mining. The only thing that changes is that GNI doesn't get the Royalties. The end user is US Steel.
Me thinks the "buyers" are just the shorts cashing in. Unfortunately they'll be back.
We wee hit with a masive short attack on Friday. Most of the loss was in the last half hour. Shorts accounted for 61% of the trading for the day. Most of the last 2 weeks was in the 10% to 30% range.
I've been watching the NOAA great lakes maps. There is still 53% ice cover. It looks like most of that is between Silver Bay and Cleveland.
This was a front page story, on Nov 24, 2014.
The "recent" announcement of this agreement was Feb 2014 on the Cliffs website. This is old news.
Cliffs' CEO Gonzoles mentioned that the contract expired in 2016 during his conference call. Perhaps either Cliffs or Mittal gave their notice, I don't know.