Find below the iron ore price table for August 19,2013:
And the charts for swap and spot:
And rebar average:
So long as the recovery in rebar persists it will likely prevent downside in iron ore. Rebar futures have flattened out but are suggesting that the rally could have another 5 in it%.
In news, the SMH reports that Blackrock is reducing its exposure to many Australian iron ore miners:
The world’s biggest mining investor has given a clear signal on where it believes the iron ore price is headed, selling off a healthy portion of its iron ore exposure in recent days.
Funds manager BlackRock sold down close to $60 million worth of shares in iron ore stocks last Thursday, in a series of transactions that coincided with iron ore suffering its biggest price fall since June. Australian pure-play iron ore miners Fortescue Metals and Atlas Iron were the main targets, while smaller parcels of shares in Rio Tinto and Brazilian miner Vale were also sold down.
BlackRock sold 10.8 million Fortescue shares – more than 10 per cent of its stake in the miner – for close to $40 million.
Sensible enough.
