Daily iron ore price update (spot stall)

Friday, 16 August 2013

Find below the iron ore price update for August 15, 2013:

Rebar futures were flat. Capezise rates in the Baltic Dry are still rising strongly.

The direction from here is anybody’s guess. Is it the pause that refreshes or the end of the rally? In the past this kind of ramp would not stop as it heralded a big Chinese mill restock. Yet, as I’ve said before, mills have many reasons to not do that again this time. Recent Pilbara bottlenecks also appear to be easing.

As I said yesterday, it’s as good a time for shorts as any.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. 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.