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.”