Daily iron ore price update (wrung out)

Here are the iron ore prices for November 7, 2014:

A little bounce, with paper prices stable at least – Dalian January fell 2 points as May rose 3 – probably as markets anticipate the end of APEC. Qingdao physical rose a bit but benchmark fell another $0.1 to a new low of $75.50. I don’t have much hope for a strong rebound but we might see a reversal of the last few weeks with iron ore firming and steel prices weakening as Hebei mills return. Reuters has texture:

“Steel prices haven’t really responded much to the production cuts and I think this shows how difficult it is to solve the oversupply problems,” said a manager with a trading company based in Beijing.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

Share

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.