Here are the iron ore price charts for April 11, 2014:
Not much fun in paper markets with rebar futures down as well. Physical was worse for both iron ore and steel and the Baltic Dry capesize component fell another 4%:
It’s still at moderate levels but falling fast. Chinese port stocks also rebounded last week to just short of a record at 108.2 million tonnes:
The news was poor too with CISA high frequency daily steel production falling in the late March period:
In late March this year, the average aggregate daily crude steel output in China was approx. 2.073 million mt, down 1.1 percent from mid-March.
No output growth and weak steel pricing, very high inventories of everything, rolling futures, fading shipping rates. Looks like the modest restock at Chinese mills is done.
