Iron ore runs the seasonal gamit

Never say never with iron ore. especially with seasonals. Having been unusually weak, we’ve popped in line with seasonal strength.

SMM has decent report on conditions.

Today, the iron ore futures gradually strengthened after a weak start, fluctuating upward throughout the day. The most-traded contract I2505 finally closed at 780, with a daily increase of 0.19%. Traders sold goods according to market conditions, while steel mills purchased as needed. The market trading atmosphere was moderate. In Shandong, the mainstream transaction prices for PB fines were 775-778 yuan/mt, up 0-3 yuan/mt from yesterday. In Tangshan, the transaction prices for PB fines were around 785-790 yuan/mt, up 5 yuan/mt from yesterday.

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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.