Daily iron ore price update (bottom?) (members)

Thursday, 14 August 2014

Here are the iron ore price charts for 13th August, 2014:

Not much to recommend the market, though paper held up better than Chinese data did. Rebar futures have retraced much of their recent gain.

Physical looks weak too but the BDI cape rocketed another 14.5% and is signalling a restock, no doubt minor but on nonetheless. I expect we’re near or at the downside limit for iron ore spot for now.

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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.