Even more trading accounts are about to get blown up today.
The price of Australia's most valuable export commodity soared by $2.52/tonne overnight to $82.25/tonne, breaking a fresh 2-year high.
Spot rebar prices and futures surged on fears of tighter supply, with concerns that there may be investigations by the provincial government into the production of substandard steel in China, according to MB IOI.
The iron ore price has now increased by a lazy +114.8 per cent from its nadir in December last year, and is up by +88.8 per cent over the 2016 calendar year to date.
Short sell reports confirm that a hugely significant percentage of the issued capital of leveraged iron ore producer Fortescue Metals Group (ASX: FMG) is still being sold short.
Unfortunately for the shorts the share price has now increased from its 52-week low of $1.44 to $6.58 for an increase of
+357 per cent.
Yet more pain to come for the shorters today as the spot price locked in a fresh 2-year high.
It's also bye bye 'income recession'.
Finally, here's a look at the wild swings in the iron ore price over a longer period from the global financial crisis meltdown through to today.