Daily iron ore price update (hammered)

David Llewellyn-Smith

Wednesday, 18 November 2015

Here are the iron ore charts for November 17, 2015:

The Tianjin benchmark iron ore price fell 3.2% yesterday to $45.80. Dalian was pulverised late yesterday and overnight as well and sits at 338 this morning, setting up more losses today. Clearly we are going to retest the lows and, very likely, break them. My old $30s by year end forecast looks suddenly very possible. Let’s face it, we need $40 to get rid of the Australian juniors.

In news, FMG’s Nev Power will have to eat his words, from Fairfax:

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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.