Daily iron ore price update

Whilst I spent Friday with most folks thinking QE3 would have a limited impact on iron ore, so far we’re all wrong. The Fed launched ore into another spectacular bounce:

Which, as you can see, did absolutely nothing for Chinese steel prices:

I have absolutely no idea what comes next in these crazy markets but if I had to guess I’d say we’ll still need a retest of the lows once quenthusiasm wanes (which may be never!).

David Llewellyn-Smith
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  1. So…….QE will support the ore price without doing anything for actual steel demand?

    A new Pilbarra to emerge on the Chinese coast, consisting of mountain ranges of iron ore pellets dumped there by humans?