Daily iron ore price update (melt-up)

Monday, 27 April 2015

Here are the iron ore charts for April 24, 2015:

Now that’s a melt-up. Qingdao spot went through the roof and Tianjin benchmark surged 5.9% to $57. Paper markets have gone berserk with Singapore 12 month swaps playing catch-up while Dalian jumped solidly but then hit the nitrous oxide Friday night ending up another 5% at 435. That should not even be possible given the 4% limits on the market! Chinese port stocks fell marginally on the week which is no surprise given there is no direct correlation between it and spot moves.

Iron ore beginners may not remember that iron ore can do this but it most assuredly can!

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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.