Daily iron ore price update (February)

Texture from Reuters:

But Darren Toh, data scientist at Singapore-based steel and iron data analytics company Tivlon Technologies, said he remained bullish on iron ore.

Steel inventory is easing and the pace of infrastructure projects is accelerating, said Toh, adding that increasing property investment was also being seen.

Meh. It’s seasonal. To the charts:

Spot stable. Paper reversed. Steel is weak still and at the precipice. All that can save iron ore from lower here is restocking. Given we’re almost in November, the odds favour firm pricing through February now.

Then down again.

Houses and Holes

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.

Comments are hidden for Membership Subscribers only.