Daily iron ore price update (sixties)

Monday 24 November 2014

Here are the iron ore charts for November 21, 2014:

And so, paper continued to burn on Friday, even after the Chinese rate cut, Dalian recovered but not much. Singapore is clearly more hopeful. Benchmark spot fell faster than Qingdao and ended at a new low of $69.80. Rebar average is clearly headed back from whence it came.

Reuters has texture:

“We knew that this year was going to be the first year when iron ore was in oversupply and I think we’re just living with the consequences of that,” Goldman Sachs analyst Christian Lelong said.

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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.