Find below the iron ore price table for September 11, 2013:
Rebar futures eased as well.
In news, Reuters has an interesting piece on the death of the iron ore trader:
With China’s insatiable appetite for iron ore cooling alongside a slowing economy, once in-demand traders of the steelmaking raw material face a new reality: fewer financial perks and tougher resume requirements.
Anyone without a network of connections in top market
China need not apply. And the days of guaranteed bonuses to attract the best talent are largely over. Just two years ago, iron ore traders were the envy of even investment bankers, a famously well-paid breed of financial players.
“Two years ago, banks were all over the market. If you could spell iron ore, they wanted you in their team,” said Paul French, the London-based global head of commodities at recruiting firm Global Sage.
Now, with iron ore prices retreating from a record near $200 a tonne in 2011 to $134.80, recruiters say the phones are not ringing like they used to.
“I haven’t had a requirement for an iron ore trader for some time. Eighteen months ago we were regularly asked about it and I don’t think we’ve been asked about it in the last 12 months,” said Charles Crichton, Asia general manager at UK-based Commodity Appointments.
“The boom of iron ore is not there at the moment to justify paying someone a large amount of money in order to get them across the line because they’re never going to make it back for you.”
One wonders if some of this apparent boom and bust isn’t also the result of the build out that took place in iron paper markets over the past few years, which is now more or less complete.
