Find below the iron ore price table for November 1, 2013:
And the charts:
Plus rebar:
Futures were also strongly off the bottom.
So much for the seasonal sell down. Indeed, it’s all upside in the charts and the closer we get to year end the stronger will be the inventory rebuild by steel mills. Baltic Dry capesize is rebounding too.
In news it’s all bullish as well:
In words that will comfort Australia’s massive iron ore export industry, Chinalco boss Xiong Weiping said about 52 per cent of Chinese people lived in urban areas and that rate had been increasing about 1 per cent each year.
”Based on this speed, urbanisation will continue to boost China’s domestic demand for at least 30 years before it reaches the rate of 80 per cent,” he said.
Speaking at a Melbourne Mining Club event in Beijing, Mr Xiong said China’s demand for minerals had traditionally been higher than the nation’s overall economic growth, which meant demand for minerals and commodities should be stronger than the expected growth rate of 7.5 per cent in coming years.
”If China’s future GDP growth stands at 7.5 per cent, the growth rate of China’s demand for minerals will be above 7.5 per cent,” he said.
