Daily iron ore price update (new low)

Monday 17 November 2014

Here are the iron ore charts for November 17, 2014:

New lows. Note that the 12 month swap price is over two days not one but it is sinking inexorably towards the $65-66 priced into Dalian futures. Qingdao and benchmark both hit post 2009 lows with the latter at $75.10. In post-APEC moves, rebar is now correcting as steel production recovers from the CISA fast data that had daily steel production flat at a lowly 1.63 million tonnes per day in the first ten days of November. Chinese iron ore port stocks leaped 1.3% on the week to 108.8 million tonnes.

Reuters has texture:

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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.