The only price today is the 12 month swap in Singapore, which rose 57 cents to 83.87, creating a small contango with spot. All other markets were closed:
Markets are still trying to bottom. We may see some stability or minor rebound this week as panic eases (weekends can do that). But the next test is this coming weekend with the release the next round of Chinese growth and credit data. I expect it to be weakish and beyond the immediate horizon see no reason for any sustained iron ore rebound. The reason is steel. From Platts:
“I feel any slight rebound would mark some sparks of brightness before the darkness comes,” a procurement source for a Hebei-based mill said. “Steel sales are doing really badly now and there’s little hope for any improvement through September and October, though these are traditional months for a steel boom.”
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