Daily iron ore update

Iron ore charts as at 16 January 2014:

ScreenHunter_893 Jan. 17 08.15
ScreenHunter_891 Jan. 17 08.13
ScreenHunter_892 Jan. 17 08.14
ScreenHunter_894 Jan. 17 08.17
Unconventional Economist
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  1. Still seeing a lot of arguments from analysts that this weakness is merely “seasonal”. But look what happened in the chart this time last year. And every year since spot pricing was introduced. This is the season when steel mills are meant to be producing at full tilt in anticipation of spring, when construction can resume in the frozen North. There is usually also a race to buy iron ore before the cyclone season arrives, possibly disrupting supply.

    None of that this year. Market is overstocked with raw materials and steel mills are cutting production.