looks to be bottoming

1. Key EFT/benchmarks didn't fall: market vector steel index fund, STOWE Global (Coal)

2. Steel reinforcement-bar (Rebar) futures in Shanghai rose for a fifth day on optimism that declining inventory and reduced output signal tighter supply. Rebar for October delivery on the SFE rose 1.2% to US$576/t.

3. Iron ore jumped 1.95% overnight to $120/t, according to the Steel Index, and is up more than 8% since reports last week showed Chinese steel inventories were at multi-year lows.

4. BHP, RIO & Xstrata formally scrapped plans to invest for future production growth

5. Market disconnected to Peabody's Q1 2013 commentary summarised in the this article:

http://seekingalpha.com/article/1356091-is-the-coal-supercycle-back

Timing is everything. By Sept I'd be surprised if we aren't 100% above today's price