Iron ore price

Daily iron ore price update (steel glut)

Leith van Onselen
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Here are the latest prices and charts pertaining to the iron ore complex, with small bounces recorded for spot (Qingdao), 12 month swap and futures, but ongoing falls for steel prices (Rebar), which hit a multi-year low:

ScreenHunter_5600 Dec. 22 10.36
ScreenHunter_5601 Dec. 22 10.43
ScreenHunter_5602 Dec. 22 10.44
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ScreenHunter_5603 Dec. 22 10.44

Note from the above that average steel prices (Rebar) have fallen to their lowest level in at least 5 1/2 years.

The news comes as Beijing has been found to have routinely underestimated output from its sprawling steel sector, according to the SCMP:

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About the author
Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.
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