Daily iron ore price update (rebound, updated!)

David Llewellyn-Smith

Wednesday, 4 February 2015

Here are the iron ore charts for February 3, 2015:

A solid day. Dalian six month futures still have bearish chart but are holding on. Singapore 12 month swaps and Qingdao spot rebounded and even rebar average almost managed to stop falling. Reuters has texture:

Some mills had started restocking even though trading is normally quiet ahead of the Lunar New Year holiday, which falls in mid-Feburary. Some expect iron ore could find support at $60 after losing nearly half its value in 2014.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.