Daily iron ore price update (Vedanta)

David Llewellyn-Smith

Wednesday, 19 August 2015

Here are the iron ore charts for August 18, 2015:

It’s not a happy picture today despite Qingdao firming though Tianjin benchmark was flat at $56. Paper is sideways and Dalian fell 10 points overnight to 374. Rebar is flat at near record lows once currency adjusted. Coking coal futures are in free fall. Thermal coal is rolling over. Iron ore will surely follow as Hebei begins to shut down tomorrow. RIO and BHP fell 1.9% and 1.4% in London.

In news, the AFR has some nice metaphors:

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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.