Daily iron ore price update ($60)

David Llewellyn-Smith

Thursday, 7 May 2015

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

The overnight price of Qingdao iron ore jumped 3.7% to $60.89, as expected. Tianjin benchmark was less extravagant, up 1.7% to $60.10. Paper markets are still in support with Dalian technically better positioned than Singapore, however the former reversed 5 points overnight to be at 437 this morning. Rebar continues to wallow supporting the contention that is restocking not rebounding.

Reuters has texture:

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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.