Daily iron ore price update (a forecast)

Wednesday, 29 July 2015

Here are the iron ore price charts for July 28, 2015:

Qingdao up and Tianjin benchmark too at $52.20 up 1.6%. Dalian was up firmly (it’s down on the chart because I’ve shifted to January) and up another 2% overnight to 363. Singapore remains oblivious. Rebar average has finally got a bounce on that looks technical to me. Reuters has texture:

Spot steel prices rebounded as Chinese steel mills were widely expected to slash output as a result of tougher environmental measures, although some mills have slowed the pace of output cuts, hoping to profit from any rally in the market.

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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.