Daily iron ore price update (down she goes)

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And down she goes. Where it stops nobody knows!

And despite yesterday’s nice bounce in China’s Flash PMI too. I suspect there’s way to go down here. 5-10% is not out of the question based upon my spread charts, which both look stretched. Ore versus rebar:

And spot versus swap:

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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.