Daily iron ore price update (another day, another crash)

David Llewellyn-Smith

Wednesday 1 April 2015

Here are the iron ore price charts for March 31, 2015

Benchmark Tianjin iron ore fell 3.6% to $51, the lowest since 2008 and in the history of the pricing index. Qingdao fell 2.5% to $51.35, also the lowest in the index history. 12 month swaps are a sinking anvil. Dalian plunged yesterday and is already down another 3% in overnight trade to 393 ($51), strongly suggesting that the iron ore price will be sub-$50 tomorrow. Rebar average is bleeding but slowed at least. Note that the coking coal hit was me moving from the May to now more liquid September contract. Thermal narrowly avoided a new bottom.

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.