Iron ore price charts for September 2, 2016:
Tianjin spot firmed 1% to 1 per cent to $59. Paper was flat and continues to be higher volatility than underlying prices. Rebar flat. Port stocks fell a meaty 1.4mt last week coinciding with weaker prices and the G20.
It’s still too early to call a seasonal destock though it sure looks like port stocks are passed their highs so that will weigh on prices. The G20 may cause steel inventories to fall or rise and that will be the swing factor. We still need steel to break decisively lower before iron ore prices will.
