Daily iron ore price update (dramatic recovery!) (members)

Monday 14 July 2014

Here are the iron ore charts for July 14, 2014:

It’s not easy to see given how muted this recovery is, but all indexes hit new highs for the move yesterday. Same with rebar futures. That has to be bullish for the short term.

But I still can’t get excited. Rebar average has hardly budged. The BDI cape fell another 3%plus and there is no evidence of a restock. We appear to have enough underlying demand to have stabilised prices and paper markets have drawn in a few traders but there’s still little to suggest a substantial shift. Reuters has more:

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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.