Here are the iron ore charts for January 30, 2014:
Not that equities care, with everything flying Friday and then again in London, but the iron ore and steel price deck is shunting lower once more. Rebar average just can’t stop falling and the angle of decent is the steepest since the 2012 property bust. This time, however, there’s no big save coming. Spot is following with Qingdao at a new post 2009 low. Paper markets are mixed with Dalian 6 month futures strangely calm but still only a hair’s breadth from a new low while Singapore 12 month swaps have jumped off the top of United Overseas Bank Plaza One. Another development is that the Baltic Dry Index which has crashed to it’s lowest level ever:
Even allowing that it has lost much of its relevance, this is probably not entirely meaningless. I cannot see any reason for the iron ore market to turn this week.
