Daily iron ore price update (runaway steel)

Texture from Reuters:

Richard Lu, a senior analyst at metals consultancy CRU’s Beijing office, said the rally in steel prices remained supported by fundamentals in the physical market, with inventories falling and demand picking up.

He also said a new round of operating restrictions on Chinese steel mills was possible.

Rubbish. And the outlook is worse but, hey, there’s a global rally and it’s restocking season so off we go. To the charts:

Bsrring any new shock this should run through new year now. I wouldn’t expect prices to go crazy, the fundmentals are too poor, but restocking ought to prevent much draw down either.

David Llewellyn-Smith
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