Daily iron ore price update (shakeouts)

David Llewellyn-Smith

Monday, 9 March 2015

Here are the iron ore price charts for March 6, 2015:

Not a pretty picture today. Qingdao fell to a new low and benchmark (Tianjin) was down $1.10 to $58.20. Paper markets are in free fall. Singapore 12 month swaps have no technical support and Dalian six month futures just broke down below its bearish descending triangle pattern. Finally, we have our first post-Chinese New Year CISA steel output data for the last ten days of February and although production rebounded 8% to 1.71 million tonnes (mt), it is still below the last two years comparable period. The Jan/Feb average is 2.3% down year-on-year.

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.