Daily iron ore price update (bouncy)

Tuesday, 24 March 2015

Here are the iron ore charts for March 23, 2015:

Spot is weak with Qingdao up marginally and Tianjin benchmark down 1.5% to a new low of $54.20 (charts to come). However, paper markets are bouncing along with the global risk on shift around US dollar weakness. Dalian closed soft yesterday but took off overnight and Singapore 12 month swaps rebounded yesterday. Port stocks last week fell a little over one million tonnes but remain high. I’d say we’re in for a very short term rally here.

Reuters has texture:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.