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.”
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.
- Dan Andrews: Downfall - July 10, 2020
- Daily iron ore price update (onward) - July 6, 2020
- Westpac: Budget outlook collapsing - July 3, 2020
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Ore price in AUD at the March peak: ~$150/t
Ore price in AUD today: ~$135/t