Daily iron ore price update (scrap)

Tuesday 10 March 2015

Here are the iron ore charts for March 9, 2015:

Spot still weak (benchmark fell 20 cents to $58) but better in paper markets. Whether this presages a turn will remain in doubt so long as rebar keeps falling and futures suggest that it will. Also bearish, the port pile grew again by 1.5 million tonnes (mt) last week and is back over 100mt.

Reuters has texture:

Construction activity in China is not expected to pick up until the end of March, hitting demand for steel and forcing Chinese steel mills to have scheduled maintenance to curb output and inventories.

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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.