Daily iron ore price update (get shorty)

Thursday, 22 January 2015

Here are the iron ore charts for January 21st, 2015:

These charts are bad. Paper is rolling fast. Singapore 12 month swap has blasted through it’s all time low. Dalian six month futures weakened materially yesterday as well. Qingdao is only $1 above its low and benchmark sank 1.3% to $66.40, only 80 cents above its low. All three have bearish descending triangle chart patterns and the first has already broken down.

Worse, rebar is off to Hades suggesting very strongly that steel demand around construction absolutely stinks. 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.