Daily iron ore price update (much ado) (members)

David Llewellyn-Smith

Monday, 14 July 2014

Here are the iron ore charts for July 11, 2014:

Paper markets went nowhere, except rebar futures which were up a little and at a new high for the move. Physical went nowhere, except BDI cape which went down another 4% and is signaling the end of a very weak restock. Port stocks fell slightly but are on a firm high plateau.

And that’s it. There is no recovery happening, nor coming, in this data. It is becalmed, in equilibrium, and anyone telling you otherwise is probably selling you something. From Reuters:

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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.