Find below the iron ore price table for June 24, 2013:
Rebar futures fell as well.
I’m still not convinced our little rally is over. If it’s a restock that supporting demand, even a limited one, we should expect it to run a month or so, not one week. Then again, given the deteriorating context, iron ore is still holding in very well. In the past, credit crunches have triggered price collapses. So we can probably best see the market as under two unusually strong opposing forces. With a restock preventing a rout and a credit crunch preventing a larger restock spike.
My best guess then is that we continue to bounce around between $110 and $120 for the next few weeks.
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