Daily iron ore price update (meh)

Wednesday 8 October 2014

Here are the iron ore charts for Ocotber 8th, 2014:

12 month swap was smashed to a new low and even though Dalian rallied it was really only playing a little catch up with spot, which fell. We’ve now got a very healthy backwardation. Other physical prices had a weak bounce and the China steel PMI fell 3.8 points in September to a moderately subdued 43.6 points. One big meh.

That’s pretty disappointing price action following a holiday, the crash beforehand, a substantial PBOC easing and decent new flow around Golden Week property. It appears we’re going lower yet.

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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.