Daily iron ore price update (Q3 destock) (members)

Thursday, 24 July 2014

Here are the iron ore charts for July 24, 2014:

Paper markets are not quite back in free fall but they’re sure not strong. Rebar futures were also down a little. Physical is weak too with the BDI cape up slightly and spot down consistently. I don’t have a rebar average price today but I’d put the house on it falling too.

Chinese mills are destocking raw materials again. It happens most years at this time and they have plenty to run down given the recent climb in inventories. The weak housing market persists and they may well push it. Reuters has texture:

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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.