Daily iron ore price update

Find below the iron ore price table for August 30, 2013:

Rebar futures firmed slightly and Chinese port stocks jumped sharply though Indian sourced ore hit another new low.

To the charts. Swap is going sideways and spot still has its impressive head and shoulders bottom in force:

The spread remains 10% overdone at this price range:

Rebar appears to be done for now and has pulled up at still weak prices:

The rebar ore spot spread is still wildly out of whack with history:

My view remains that we’ll see prices fall moderately over the next few months and rise modestly into year end.