Daily iron ore price update (all green)

Here are the iron ore charts for April 13, 2015:

Qingdao spot jumped, Tianjin as well up 3.2% to $48.80. 12 month swaps roared and Dalian firmed but it is unchanged this morning suggesting still muted sentiment. The rebar reversion slowed. Port stocks rose 300k on the week.

Texture from Reuters:

“Atlas Iron’s decision to shut down some of its mines has brought some positive impact to iron ore, but I would say the news only psychologically supported prices as shipments haven’t been affected so far,” said Xu Huimin, analyst at Huatai Great Wall Futures in Shanghai.

I expect that sentiment to subside quickly. 13 million tonnes does not a summer make.

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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.