Daily iron ore price update (top) (members)

Advertisement

Here are the iron ore charts for July 17, 2014:

dgwe
cvas
dgwr adfgqe
Advertisement

Looks increasingly like a I did call the top. Paper markets are a big yawn. Physical markets are marginally better with rebar average still rising but spot is down and the BDI cape fell another 3% signalling absolutely no interest in a material restock and probably the reverse, which didn’t stop Vale from making a gig of itself:

Brazil’s Vale (NYSE:VALE) chief executive officer Murilo Ferreira said Thursday prices for the steel-making ingredient would climb up back to historical levels in the second half of the year lifted by a flurry of restocking activity in China.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
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.