Daily iron ore price update (pitch black)

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Here are the iron ore charts for April 9, 2015:

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It’s not a good look. This is the deadest of dead cats. Spot is weak with Tianjin benchmark falling 10 cents to $47.80. 12 month swaps want to go lower. Dalian six moth futures closed a little down but overnight are at 373 down another 10 points. Rebar is already cheaper than lettuce but is aiming down for Brussels sprouts.

And none of this is the chart of day. That dubious privilege belongs to CISA major steel mill output for the last ten days in March which fell 2.8% to 1.61 million tonnes (mt):

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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.