Daily iron ore price update (pricing power)

Wednesday, 27 May 2015

Here are the iron ore charts for April 27, 2015:

Spot still strong with Tianjin benchmark up $1 to $62.10. Paper less so with Singapore dancing on the spot and Dalian flat overnight at 435 after yesterday’s bounce. Rebar average is still soft.

I don’t think we’re going to break higher. $60 looks a good point of control for miners and mills but you never know. The restock clearly goes on after China destocked far enough that suppliers have regained a little pricing power, 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.