Daily iron ore price update (rebar rocket)

Wednesday, 5 August 2015

Here are the iron ore charts for August 7, 2015:

Spot (Tianjin -0.5% to $55) and paper faded though Dalian put five points back on overnight to finish at 370. Rebar average is now going vertical which says to me that it’s a technical correction with “flame out” written all over it, not a fundamental shift in demand. Texture from Reuters:

Beijing will limit the number of vehicles on the streets and shut factories to ensure clean air during a commemoration of the 70th anniversary of the end of World War Two on Sept. 3. The controls will be imposed from Aug. 20.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.