Daily iron ore price update (reality check)

Thursday, 10 March 2016

Here are the iron ore charts for March 9, 2016:

Tianjin benchmark crashed 6% to $59.60 per tonne. Dalian took off again ($53) but at this point is still just catching up to spot. Rebar is still pretty firm. Reuters has texture:

“The rally was largely distorted away from fundamentals which have slightly improved compared with end-2015 but not enough to support the rapid hike in prices,” said Zhao Chaoyue, analyst with Merchant Futures in Shenzhen.

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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.