We evaluate the price development for the steel and raw material markets based on selected charts on a monthly basis. This is similar to the procedures used by chart analysers for the evaluation of the stock exchange markets. Advantages of such chart analyses are: The chart value / development of the chart contains all positive and negative information. Furthermore it shows the expectations of the participants in this market for the future.
Iron ore is attempting to stabilize above the previous fault line.
A Reuters message confirms the rise.
A resurgence of hope for an upturn in demand gives the iron ore price a boost. The price of the Chinese futures contract rose by 1.1 percent to 607.50 yuan (86.53 dollars) per tonne. Steel is up one percent at 3442 yuan (490 dollars).