Daily iron ore price update (last legs)

Monday, 22 June 2015

Qingdao iron ore fall 0.7% on Friday to $61.36:

Qingdao spot eased again. The bullish technical set up of the last month is dissolving and may be forming a bearish head and shoulders pattern. Singapore 12 month swaps remain oblivious to spot. Rebar average is tracing out the next leg down in the entire steel and iron ore price deck. Dalian closed lower Friday but rose 3 points overnight and will open today at 430 after port stocks were down sharply again, another 1.7 million tonnes (mt) to 80.3mt:

As I have said, until port stocks turn around pricing power remains with the producers. Texture from Bloomie:

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.