Daily iron ore price update (rejection)

Friday, 29 May 2015

Here are the iron ore price charts for May 28, 2015:

Spot rejected new highs. Singapore dancing on a pin. Dalian eased but fell sharply overnight to 422. Rebar average resumed its slide into the abyss. Texture from Reuters:

“At the moment, if you have any medium to high-grade material from Brazil or Australia, it will not be difficult to
find buyers,” said an iron ore trader in Shanghai…Traders said they expect the inventory at ports, which has fallen 15 percent this year, to drop further.

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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.