Daily iron ore price update ($67 in May)

Friday, 24 October 2014

Here are the iron ore charts for October 23, 2014:

That’s some poor price action. Paper is tanking again, including rebar futures. 12 month swap hit a new post-GFC low. Dalian is rolling. It’s May contract was crushed and is now pricing 521 yuan or $67 equivalent. Reuters has texture:

Amid slowing economic growth in China, demand for steel is unlikely to see “any obvious improvements”, the China Iron and Steel Association (CISA) said in a report published on its website on Wednesday.

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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.