Daily iron ore price update (Vale schmale)

David Llewellyn-Smith

Wednesday, 15 July 2015

Here are the iron ore charts for July 15, 2015:

Qingdao spot down a little and Tianjin fell more down 1% to $49.40. 12 month swaps are below their lows of earlier in the year and weakening. Dalian managed to put 1 point on overnight but is dancing on the spot. Rebar average is in a dead cat bounce.

That’s weak price action, all right, especially on a day that offered decent Chinese credit and the Vale cuts. I continue to believe that the recent crash has only paved the path to lower prices and any rebound is just a chance to redouble shorts. BHP and RIO were down marginally in London.

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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.