Daily iron ore price update (port draw) (members)

David Llewellyn-Smith

Monday, 28 July 2014

Here are the iron ore charts for July 25, 2014:

Paper markets bounced. So did spot. It appears largely to have have been driven by the news that port stocks saw a solid draw down on the week, 1.25 million tonnes, to be slightly less ridiculous. That may suggest that despite the destock that’s underway that there is enough demand to draw on the port pile. If true it would mitigate against the argument that we’re about to see materially deeper new lows.

The steel and iron ore market remains weak overall with rebar average still falling and right on new post-GFC lows and the BDI cape likewise.

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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.