Daily iron ore price update (nup)

Thursday, 26 February 2015

Here are the iron ore charts for February 25, 2015:

Not much joy for the post-holiday hopefuls so far. Spot was caned with Dalian and Singapore 12 month swaps are on the verge of a new breakdown. Benchmark fell 0.8% to $62.90. CISA steel output data for January shows zero growth year-on-year and as we know the World Steel Association already has the full month result in at -5% for China. Port stocks fell a little more but remain moderately high.

In short, Chinese mills are back from holiday and not interested in iron ore. Texture from Reuters:

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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.