Daily iron ore price update (Q4 wipeout)

Wednesday, 17 September 2014

Here are the iron ore charts for September 16, 2014:

Paper markets are stalled. Rebar futures fell. Physical too although rebar average bounced again despite more steel price cuts in Hebei.

News today is dominated by the growing carnage in the iron ore mining sector. It’s been a disappointing couple of sessions on the ASX. For two days now equity has flown out of the blocks in early trade only to be sold off all day. One wonders if the “lighten up while you can” trade isn’t blooming.

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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.