Daily iron ore price update (steel slump)

Tuesday 12 May 2015

Here are the iron ore charts for May 12, 2015:

Still only a very minor pullback in spot with Tianjin benchmark likewise down 0.2% to $62.30. Paper is stalled. Dalian was unchanged overnight and the Singapore 12 month remains below Joe Hockey’s hopeful forecast. Rebar continues to bleed to record lows.

Reuters has texture:

Lower iron ore exports from top suppliers Australia and Brazil, partly due to bad weather, have prompted Chinese buyers to secure more raw material from stocks at the country’s ports, which last week dropped to their lowest level since January 2014.

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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.