Iron ore prices have stabilised over the past week, but if futures markets are anything to go by prices are set to rise again.
The fall in the price has been well documented since benchmark 62% fines hit a high of $US94.86 per tonne on February 21.
That preceded a plunge of more than 30%, before the price finally bottomed out at $US61.60 on April 19. This chart shows the recent roller-coaster ride:
Since falling steeply, the prices have found support in the mid-$60 range, closing last night at $US68 per tonne.
And it looks like there might be more good news on the way, despite manufacturing PMI data today that missed analyst’s forecasts.
Iron ore futures are ripping higher again, up by 4.6% and climbing. This chart shows the rise, along with increases across in most other base metals:
SHFE Copper ¥47,000 , 1.01%
SHFE Aluminium ¥14,070 , -2.26%
SHFE Zinc ¥21,845 , 2.22%
SHFE Nickel ¥79,970 , 1.77%
SHFE Rebar ¥3,179 , 2.32%
DCE Iron Ore ¥533.00 , 4.61%
DCE Coking Coal ¥1,142.00, 1.87%
DCE Coke ¥1,629.50, 1.09%