Daily iron ore price update (raging bear market)

Friday, 6 February 2015

Here are the iron ore charts for February 5, 2015:

Well then, paper is weakening again though Dalian holding. Qingdao is into the $61s for the first time in a very long time, and benchmark fell even further to $61.10. $50s beckon, surely. And all of this on the day that the PBOC cut RRRs. That’s the definition of weak. Reuters has texture:

Some Chinese steel mills have returned to the market for replenishing stockpiles ahead of the Lunar New Year holiday, while a supply glut and leaner steel demand have put a lid on prices of the raw material.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.