Daily iron ore price update (topped)

David Llewellyn-Smith

Thursday, 14 May 2015

Here are the iron ore charts for May 13, 2015:

Qingdao eased and Tianjin benchmark did as well falling 0.5% to $62. Singapore 12 month swaps are still not interested. Dalian finished a little lower yesterday but is down hard overnight at 422. Rebar is shot. You could be forgiven for concluding that the top is in.

Frankly, why wouldn’t you? China’s full data drop yesterday was dreadful, showing virtually no effect from easing and still poor credit growth indicting a dour future as well. Moreover, the QE program has already been announced so no new stimulus is now imminent. Any swift move to more might even spook markets.

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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.