Daily iron ore price update (doom)

Friday, 7 November 2014

Here are the iron ore price charts for November 6, 2014:

Paper markets are pricing doom. Dalian May is now at $64+ and January at $68. 12 month futures are capitulating. Rebar futures are rolling as well.

In physical, Qingdao spot is in free fall and benchmark at $75.60, rebar average is still firm and the reason now is obvious with CISA major mill output slammed 6% lower in mid October, presumably in the lead up to APEC, though that seems a bit early!

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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.