Daily iron ore price update (steel crash)

Friday, 5 September 2014

Here are the iron ore price charts for September 4, 2014:

All markets still in free fall. And still no convincing contango signaling a turn. Rebar futures are leading everything down, falling sharply again yesterday to end at 2838.

Miners continued to trade as if this is nothing more than a cyclical blip yesterday. And of course, Goldman was out suggesting there’s not much prospect of a deep destocking by steel mills. If you’re on board with this line of thinking then Kimber Capital suggests you go long the living dead.

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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.