Here is today’s iron ore price table:
To the charts. Here is the iron ore price:
Post inventories, which still show little signs of restocking:
ANZ release a report Friday suggesting recent falls in the Baltic Dry may suggest the rally is topping for iron ore. The same message has been apparent for some time in Chinese coastal bulk freight rates:
The ANZ report again argues:
We think prices will consolidate in the $110-120/tonne range for the rest of the year before improving to the $120-130/tonne range in the second half of 2013 as China demand improves.
I agree on the fist but not on the second. 2013 second half is more likely to face falls in the price as China moves inexorably away from greater demand. But you never know!