Daily iron ore price update (false break?)

David Llewellyn-Smith

Friday, 31 May 2013

Find below the iron ore price table for May 30, 2013:

Rebar futures also fell 1%.

And the chart for spot and swap:

So, 12 month swaps rebounded into their recent range, offering hope that this move lower is spent. Swaps do turn first. Weighing against that is the ongoing falls in steel prices.

Too early to say but hope today.

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.