Iron ore prices seem supported higher, so keep an eye on FMG, RIO, BHP
If the iron ore futures price were a song, it would be "Smells Like Teen Spirit" by Nirvana. It seems the #IronOre price is getting 'high' off the 'perfume' that China's steel market could finally be turning around. Let's see if the price action sticks. I am watching BHP $BHP.
Here is a chart of the iron ore futures price.
What's more telling is this: the iron ore trade data (exports vs. imports). It appears somewhat positive, with China buying the most iron ore it has done in five months as China is taking advantage of the iron ore price (#SCOA) being down 17% from January. And look at Japan, ramping up Iron Ore imports.
Next week's data on Indian Industrial Production, out Friday, July 12, and Chinese financing data, out July 9-15, could be catalysts to move the iron ore price higher. I prefer to watch the iron ore seaborne price (SCOA) as that's the most traded iron ore price.
I will also be watching $Fortescue Ltd(FMG.AU$ $BHP Group Ltd(BHP.AU$ and $Rio Tinto Ltd(RIO.AU$
I will also be watching $Fortescue Ltd(FMG.AU$ $BHP Group Ltd(BHP.AU$ and $Rio Tinto Ltd(RIO.AU$
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Moomoo Official Market Strategist
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