Daily iron ore price update (sink)

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

More price weakness. The 12 month swap continues to explore new lows while Dalian January hovers at its nadir and May fell back to 522 yuan or $67. Rebar futures were stable. In physical, spot is tracking futures lower even as rebar remains firm. Port stocks fell 850k tonnes last week to 107 million tonnes in a marginal positive but at the current rate of decline will take three to four months to put a real dent in the pile and if that destocking were to take prices down 1% per week then, well, you get the picture! In steel, CISA major mill fast data fell 2.3% in mid October to 1.76 million tonnes per week, still strong.

Reuters has texture:

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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.