Iron Ore Market May Have Bottomed, Fortescue Predicts (Update2)
Fortescue is a large position for LUK and a major iron ore producer. They are seeing a comeback in iron ore prices, which is key in signaling a recovery in the global economy.
The article also points out that the Baltic Dry Index has been moving up from its lows. This is the best representation of global trade and a bullish sign things are bottoming worldwide.
BDI Chart
Sunday, February 1, 2009
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