Daily iron ore price update (a spring in their step)

Find below the iron or price chart for October 8, 1013:

It would interesting to do a study of markets returning from holiday to see if there is any pattern. In my experience, the holiday return is invariably bullish. And so it proved for iron spot yesterday, trading for the first time in a week and moving up against ordinary data flow. Spot and swap eked out tiny gains:

And the spread between them remains elevated:

Rebar average also did so:

As did rebar futures. The rebar/spot spread is still stretched too:

I still say a decent fall towards $120 is short odds once holiday exuberance passes but you never know with the miracle commodity.