Find below the iron ore price table for Friday 27th September, 2013:
And the charts:
Rebar futures were hit hard Friday. Port stocks were steady on the week.
It appears weak Chinese steel prices are finally catching up to spot. The spot chart has a very neat looking head and shoulders top in place, exactly the pattern that presaged last year’s Q3 walloping. 12 month swaps are also on the verge of breaking down top their lowest point from last year’s recovery.
Time to be alert for the seasonal falls.
Some good news from India, however, with the Finance Minister hosing down calls to cut export duties. From Reuters:
Prime Minister Manmohan Singh and Finance Minister P. Chidambaram had earlier called for the need to find ways to revive iron ore exports, which have plunged over the past two years due to the high duty and a ban on mining in key states.
But speaking at a meeting of exporters in Mumbai on Friday, Chidambaram said there was a need to maintain the current duty but did not elaborate. In response to a question on the duty, he said there was “no case to roll back”.
The case to roll back is sanity, but hey, India’s loss is Australia’s gain.
