Daily iron ore price update (worse)

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Here are the iron ore charts for May 9, 2015:

1 2 3 4

The good bid for spot continues, strongly indicting restocking goes on. However, wider markets are still much less convincing. Singapore 12 months swaps are stalled and backwardation is getting wider. Dalian 6 month futures look better and were up to 442 Friday night but rebar average is signaling another down leg in steel prices may be underway, which is the precursor to an iron ore rollover. More wood to chop for the market to chop first, but less with each passing week.

Reuters has texture:

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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.