Find below the iron ore price table for July 12, 2103:
More strength on the restock. I hope you’ll notice that I’ve not been bearish on this move once it began. It’s the medium and long term that’s a problem. But for now we’re running:
That’s a healthy double bottom. And rebar average too is sluggishly rising:
Our swap/spread chart is not overly stretched:
But ore/rebar spreads remain very wide:
Chinese port stocks fell quite sharply last week as to 76.35 tonnes.
I maintain the view that this rally will struggle to breach $130 but you never know. Irrespective, it is a great opportunity to go short into the seasonal weakness of September. Chinese data this week may be important.