Daily iron ore price update (little bounce)

Below find the iron ore price table for March 22, 2013:

In news today there is just this snippet from the AFR:

Broker CLSA in its monthly steel analysis found that most of China’s large steel mills had aggressively built up their inventories of raw materials over the past few months, including iron ore and coking coal.

Significantly, “about half of the mills are even considering cutting their iron ore stocks from the current level over the next three months”, CLSA said. The restocking trend has been a major factor in the price recovery of iron ore.

There is some offset to this in the newly reduced levels at Chinese ports. Note I do not say “low” levels because I do not think they will rise again. Last week, they fell slightly.

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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.