Daily iron ore price update (up again)

Find below the iron ore price table for July 8, 2103:


The rally continues but is looking a bit tired:


Although, rebar is trying to get off the bottom:


Our spot/swap spread chart has a little more room to move:


But spot/rebar remains over-stretched (even with what might be a bottom):


Rebar futures also bounced.

The causes are as previously discussed. From Reuters:

“Mills have had very lean inventories of iron ore in the past two months and some people think steel prices may have bottomed out,” a Hong Kong-based iron ore trader said.

“But iron ore may have reached a short-term peak for now. Prices have risen too fast and the market needs to digest the increase.”

David Llewellyn-Smith
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