Daily iron ore price update (stall)

Here are the iron ore charts for April 10, 2014:

A stall for paper markets, then, with rebar futures also falling. In physical, the rebar average had another good day but that is already well and truly priced in broader markets. Iron spot was only marginally weaker which, given the lousy China data and government reassurances of no stimulus, is probably pretty firm. The Baltic Dry capesize component continues its unholy plunge, down another 4% and now down 20%+ in three days from levels that were moderate to being with.

I continue to expect a stall in the rally in short order.