This is why all the Australian mining stocks (the largest exporters to China of Iron ore and coal) have fallen for 6 days straight and spooked the Australian stock market.
Why do you think that? I think we have at least 2 more weeks until the BDI Index stops falling.
That is because all reports now show that China was on a buying binge of iron ore and coal in November and December. Now, all statistics show they have huge inventory to work off. This less importing of that huge market to China for the near future.
it's really bad.
make that 6 days in a row.
surprised it isn't $3 already. Remember November 4th range the stock was at $2.84 when the BDI index was 1500
Well, the BDI Index is 1375 range but the stock is still $3.70. I don't know why it is o high and who is propping it up.
Looks bad for the day.
Watch what happens when it falls below $3 in a few days. Chinese are not going to charge up the shipping business until after February. I bet the BDI index will drop to 1,000 or under as it is already at 1375 today.
The volume on the ASK is so large, twice the bid sizes. I hope they don't dump by end of day.
It took all morning to run-up to $3.86 briefly and BAMM in half an hour it is back down to $3.72
now down to $7.75? What is going on?
Now why did they push it down?