Daily iron ore update

Iron ore charts as at 13 January 2014:

ScreenHunter_784 Jan. 14 07.56
ScreenHunter_790 Jan. 14 08.03
ScreenHunter_789 Jan. 14 08.02
ScreenHunter_788 Jan. 14 08.00

From the AFR, iron ore prices are set to fall as Chinese steel demand softens:

Iron ore prices are forecast to soften in the short term amid seasonal weakness in steel demand, higher port inventories and growing seaborne supply.

The iron ore price has eased slightly since the start of the year, with spot prices softening on higher inventories at ports and slowing crude steel output.

The slowing steel output and weaker steel prices in turn reflected lower winter demand and measures in China to curb pollution from sinter and coke plants, according to Commonwealth Bank analysts…

In the short term, restocking ahead of the Chinese New Year holiday period in late January and early February, as well as the wet season in the southern hemisphere, could lead to a price range of between $US125 to $US135 a tonne, they added.

 

Unconventional Economist
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