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Yesterday iron ore spot fell .50 cents to $131.30. 12 month swaps rose slightly to $14.08. Rebar average rose 1 point to 3483 and futures more than that. Dalian six month futures fell another half percent to 917 yuan, roughly $124 spot equivalent. The Baltic Dry continues its dizzying plunge, with capesize rates down another 7%+ from its recent high.
A bit of stability perhaps on stabilising Chinese money market rates, but nothing to change my mind that weakening prices is the short term trend.
No news today.
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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.
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