Daily iron ore price update (port restock!)

Sunday 7 September 2014

Here are the iron ore price charts for September 5, 2014:

Paper markets fell hard again, though did bounce later in the session. Still no 12m/spot contango signaling a turn. Even worse, port stocks are still rising, up another 400k on the week, indicating that whatever destocking that is underway is not extreme and could run further if mills choose to push it.

And why wouldn’t they? In steel news, Platts reports that:

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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.