Daily iron ore price update (pause)

Tuesday, 3 February 2015

Here are the iron ore charts for February 2, 2015:

The rout in iron ore paper and physical markets paused but goes on in steel. Chinese iron ore inventories fell almost 1 million tonnes last week as destocking pushed prices lower. We could fall another 10 million tonnes yet, I reckon, before the swing pile would be looking a little thin.

Texture from Reuters:

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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.