The Rising Influence of Rising Affluence

[Democritus_of_Abdera]

Re: Bearish effect on CLF of Chinese steel production restriction...

I'm not sure that lower seabourne prices of iron ore fines has any substantive effect on CLF pellet contractual prices... According to Lourenco Goncalves (CLF CEO), in his prepared remarks during the Q1 2017 CC, the CLF pricing formula is based upon 62% iron ore prices... which have maintained value in face of Australian overproduction.

see: http://www.clevelandcliffs.com/English/investors/events-and-presentations/event-details/2017/Cliffs-Natural-Resources-2017-First-Quarter-Earnings-Conference-Call/default.aspx