Daily iron ore price update (China peak imports)

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Find below the iron ore price table for July 24, 2013:

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Not much to say. I still think the rally is more or less done but there’s no great reason to see it fall away yet either.

News today is all about China’s final trade figures for June, which, courtesy of Citi, shows the problem for bulk commodity producers. Here are thermal and coking coal imports into China:

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Notice the lack of year on year growth and what look like establishing sideways trends. Iron ore is about a year behind in my view:

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You can still win market share of course but the pie ain’t going to grow.

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.