Daily iron ore price update (port bottom)

Monday, 29 June 2015

Here are the iron ore charts for June 26, 2015:

Spot was weakish with Qingdao down and Tianjin benchmark down more, some 60 cents to $60.70. Singapore is serene. Dalian was also off but held up Friday night at 435. Rebar remains in free fall. Chinese iron ore port stocks declined again last week by 950k tonnes to 79.35 million tonnes, the smallest fall in nine weeks. We also saw a big jump in the BDI in the last few weeks, especially in Brazialian capesize rates, and as unreliable as it is, it hints that the trader bottleneck is easing. The turn in Chinese inventories is near.

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.