Here are the iron ore price charts for November 9, 2015:
Qingdao spot keeps falling. Tianjin benchmark also fell 0.6% to $47.40. Singapore 12 month swap had a better day, as did Dalian 6 month futures, but the latter gave it all up Friday night and ended where it started. The rebar bounce is over. Most problematic of all, Chinese port inventories of iron ore jumped 1.25 million tonnes (mt) to 86mt and the rebuild is accelerating even as prices tumble. That gives steel mills all of the pricing power and shows that this price weakness is not a destocking episode. The wider bulks are also weak with thermal especially so, again close to break down as the seasonal Chinese restock passes.
All-in-all it’s a terrible picture and iron ore prices will keep falling this week, this month and this year, with the rising prospect that at the end of this move we will get some sort of destocking episode that crashes prices to God knows only what level.
