Daily iron ore price update (squeeze)

Monday 13 October 2014

The iron ore charts for October 10, 2014 are below:

Some solid price relief Friday with paper markets taking off and spot following through suggesting some restocking. CISA released its late September major mills output fast data and it eased a little but is still very high, hence rebar prices can’t find a bid.

There is still no contango and Friday may simply be a little short squeeze. Then again, the recent mortgage loosening and lowish inventories at mills may be enough to get a little restocking going.

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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.