Here are the iron ore charts for February 9, 2015:
Another new low for Qingdao, which is heading for the 50s if I’m not mistaken. Benchmark fell 67 cents to $61.56. Dalian six month futures are still firm within a bearish descending triangle pattern. A new low as well for 12 month swaps which are pricing Fortescue out the market with alacrity, but the first day of no falls in rebar since…wait for it…mid December! Port iron ore inventories fell another 1.2 million tonnes last week. Some will see this as bullish and it will be if some sudden and very large stimulus arrives. In the absence of that, which is the strong base case, it’s bearish in that it is showing just how gloomy steel mills are and how confident they are about the availability of abundant real time iron ore.
Texture from Reuters:
