If horses were wishes.........IO well above $70, but no break to...

If horses were wishes.........IO well above $70, but no break to $80. Unfortunately, supply/demand doesn't quite work like that for IO.

Current IO demand is coming under the influence of Chinese NY break. Increased volumes in Dec leading to a flat Jan - Feb. While economic activity will dictate exactly how steel mills will want to position their stockpiles over that break, practicalities, like stockpile space and frozen ore will limit how long this current rally runs.

In the medium term, ie, past Chinese NY, the outlook remains pretty buoyant, so companies like MGX will be sitting pretty. Ppl look at IOP consistency, rather than only level, as its the consistency that feeds into 3 month rolling average pricing and gives buyers the optimism to strike reasonable prices on spot-based cargoes.