Daily iron ore price update (bottomless pit)

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Here are the iron ore charts for March 30, 2015:

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And there you have it. Qingdao spot caned to a new low and Tianjin benchmark crushed 2.2% to $52.90. 12 month swaps trashed into the 48s. 6 month futures hit too but since the close have fallen another 3% to 403. Rebar average has rolled and Chinese port stocks rose on the week and remain high. This is wall-to-wall dreadful. And all on a day when China cut mortgage rates. Evidently not enough!

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I think it pretty obvious to anyone with eyes that iron ore has fallen into a bottomless pit and will not stop until something very large and very hard breaks.

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.