Forwards - Iron ore firms, though flatter for coking coal and HRC

摘要

With spot prices plunging to historical lowsin December, the forward curve remainedin backwardation for most of the month,suggesting further pain in the coming year.However, a rebound in the TSI 62% Fe iron orebenchmark to above the $40/dry metric tonlevel later in the month prompted a rally on theJanuary contract. It gained more than $5/mtbetween mid- and end-December as marketparticipants revised their positions in anticipationof firmer pricing going into the New Year.