Daily iron ore price update (bottom, but…)

Monday, 15 September 2014

Here are the iron ore charts for September 13, 2014:

Paper markets stabilised and the spot/12 month contango is now fat and inviting for a turn. I’d normally be ready to call the bottom here despite port stocks rising another 100k tones on the week and rebar average still falling.

The problem is China’s dreadful data. The fixed asset investment, real estate and industrial production data out of the weekend was horrible, more horrible than markets have priced. Yet Chinese leaders have been very firm, even just last week, that they are satisfied with the growth outlook and redoubled their commitment to structural reform not further stimulus.

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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.