Daily iron ore price update (Titanic deck chairs)

Thursday, 27 November 2014

Here are today’s iron ore price charts:

Slightly better price action in paper markets. But who cares. Physical is now tumbling with benchmark leading Qingdao and also down hard to $68. The CISA high frequency steel output data for mid November was also poor. It will still be a little APEC affected but it didn’t rebound at all suggesting demand is getting worse heading into winter. Effectively, steel production is back to 2012 levels, which only make things worse for iron ore.

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.