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Here are the iron ore price charts for October 24, 2014:
Slightly improved price action with stability in paper markets, including rebar futures. Even the disastrous Dalian May contract which is pricing $67 managed a 4 yuan rise. Offsetting that, physical couldn’t catch a bid with both iron ore spot and rebar average relatively weak. One interpretation f things is that we’ll see the Hebei head fake continue to unwind this week.
A little news today from India where Goan mining leases are to be renewed. But that really only offsets last week’s news of rising imports.
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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.
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