Daily iron ore price update (smash hammered)

David Llewellyn-Smith

Tuesday, 24 May 2016

Iron ore prices for May 23, 2016:

The Tianjin benchmark iron ore price has hit hard down $3.00, or 5.4%, to $52.70 a tonne. Singapore futures cracked. Dalian futures continued to fall overnight down another -2% to 349. Rebar average was monstered and has further to fall still. We’re in free fall here.

In news, Reuters calculates that May Chinese imports remain strong:

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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.