Daily iron ore price update (wood chopping)

Wednesday, 6 May 2015

Here are the iron ore charts for May 5, 2015:

Spot was firm with Tianjin benchmark at $59.10. Paper markets also jumped and Dalian is up another 11 points overnight to 441. But rebar average is going precisely nowhere, telling you steel demand on the ground still stinks.

For all the hullabaloo we’re still chopping wood here, chewing our way steadily through excessive shorts as mills continue to restock. The boundaries look pretty clear for now. Upside capped at $60, downside at $55.

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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.