Daily iron ore price update (miners hammered)

Friday, 29 August 2014

Here are the iron ore charts for August 28, 2014:

Sheesh, where to begin! Paper markets got pulverised yesterday. The Singapore swaps rebounded before day’s end but Dalian didn’t. Rebar futures are roughly 100 yuan south of physical and still falling.

The benchmark iron ore price fell another $1 to $87.30 within a whisker of the post-2009 low at $86.70 and it’s going to break. A small contango with long swaps has reformed but given the broader weakness in paper remains unconvincing as a turning signal.

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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.