Iron ore market remained affirmative as the mills plunged in buying. Encouraging economic indicators trickling in economy is poised for break after the winter recess.
Better than expected industrial output PMI HSBC data in November bounced up to 50.4, the first time above the 50-percent boom-or-bust line in 13 months. Like wise retail sales and inflation remained at 2.00% which indicates the economy is ticking along nicely
Port stocks also continued to the upside. Mills seemed happy to replenish stocks on expectation that the market will see a pick-up in growth as early as mid Q1 as did traders.
Reaching peak of 1 month ago seemed poised for further increase in the coming days during the week till market finally takes a break near Xmas. However all hopes will be pinned on the trend after the New Year holiday.