Iron ore short term bounce?

Wednesday 10 May 2023

Healthy bounces for both rebar and iron ore October futures yesterday:

Chinese trade data for April showed decent volumes at 90.44mt but we are in the great sideways now and the rolling annual fell:

There are reasons to think a short-term bounce is in the offing. Steel mill iron ore inventory is probably the most influential indicator for price in a one-month timespan and they are low:

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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.