Daily iron ore price update (African shuts)

Wednesday, 3 December 2014

Here are the iron ore charts for December 2, 2014:

Not terribly encouraging price action. Paper appears stalled and physical even more so. Benchmark fell 1.1% to $69.70. Rebar average is quietly fading toward its lows and so long as it falls so will iron ore.

Port Hedland shipments for November were out yesterday and fell sharply:

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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.