So, iron ore returns from holidays refreshed and ready to roll – higher. Here is the price complex chart for February 18, 2013:
And the chart:
So a new high in rebar spot for the move despite sharp falls in rebar futures across the curve (which had run on ahead).
Advertisement
Iron swaps were unmoved but right now it appears spot is in a classic bull market and will price off whatever is favourable on the day.
Chinese inventory data has been slow and is a week behind but is still bullish showing an ongoing fall in both port stocks and Indian sourced stockpiles:
This move is now very large and it would be quite useful for someone to dig into the dynamics that underpin it.
Advertisement
With BHP reporting tomorrow expect another rally today!
For below discussion: