Daily iron ore price update (listless)

David Llewellyn-Smith

Friday, 4 April 2014

Here are the iron ore charts for April 3, 2013:

Rebar futures were up a little. Baltic Dry capesize fell another 3%. Both physical and paper markets continue their weak up trends and that may roll on for a while. But I really do not expect much of the rebound given the Chinese stimulus is paltry and iron ore has already run far ahead of any improvement in steel mill profits.

There’s simply no reason to restock and current firming action looks like a chance to reset shorts.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.