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.”