Daily iron ore price update (bash)

Wednesday, 20 May 2015

Here are the iron ore charts for May 19, 2015:

Qingdao spot was hammered lower yesterday some 3.5% to $58.53 while Tianjin benchmark lost 60 cents to $58.40. Singapore is weak and trading sideways. Dalian is weakening and dropped another 4 points overnight to 415. Worst of all, rebar average is sailing southwards with no compass indicating zero pickup in Chinese steel demand.

In short, it’s ugly and looking like it’s going to get more so. I still say price erosion ahead of a return to gapping but who cares, really, this puppy is shot unless the Chinese can fire up some construction and fast.

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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.