Daily iron ore price update (Kumba crunch)

Wednesday, 22 July 2015

Here are the iron ore price charts for July 21, 2015:

The spot rally flamed out in Qingdao but rose a little further in Tianjin to $52.10. 12 month swaps eased. Dalian did too and is down 2 points overnight to 386. Rebar average finally caught a bid presumably on steel mill output cuts. I have no real opinion on where we’re going in the immediate future but remain firmly of the view that we’ll visit the $30s before year end.

Some good news today for Aussie producers with Anglo’s South African operation, Kumba, getting hammered, from Creamer’s:

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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.