Daily iron ore price update (smash)

Friday, 6 March 2015

Here are the iron ore charts for March 5, 2015:

Another day, another bearish milestone for iron ore. Yes, we’ve fallen into the $50s, for the first time since, well, as long as it matters. Qingdao fell 3.6% to $59.73 yesterday. Benchmark fell $2.80, or 4.5%, to $59.30.

Paper markets were caned as well with Singapore 12 month swaps in free fall and Dalian six month futures sitting right on the their lowest price ever in a bearish descending triangle pattern that is surely going to break. Rebar average resumed its endless falls with futures hinting at more to come.

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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.