Daily iron ore price update (big iron rout)

Monday, 24 August 2015

Here are the iron ore charts for August 24, 2015:

Spot hangs on with Tianjin benchmark unchanged at $56. Paper much the same. Steel is fading fast once you add the 3-4% devaluation.

Not much in news but the big miners were hit hard again in London Friday night with BHP down -2.5% and RIO down -2%. That will bring RIO very close to its post-GFC low today and technically this is very bearish if it breaks down:

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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.