Daily iron ore price update (steel crash)

Wednesday, 12 November 2014

Here are the iron ore price charts for November 11, 2014:

Paper markets are looking to further lows with the 12 month swap already there. In physical, spot managed to hold but port stocks rose 1.05 million tonnes last week, perhaps indicating that the APEC steel slowdown has enabled a quick and dirty steel mill restock. Reuters has texture:

Steel producers surrounding the country’s capital were ordered shut from Nov. 1 to cut smog during the Asia-Pacific Economic Cooperation (APEC) meeting attended by world leaders including U.S. President Barack Obama.

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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.