Daily iron ore price update (Hedland slump)

Friday, 7 August 2015

Here are the iron ore charts for July 6, 2015:

Qingdao faded and Tianjin too down 0.2% to $56.30. Singapore remains serene. Dalian stalled and is unchanged this morning. Rebar average is losing momentum. The rally in general looks tired.

Port Hedland shipments for July were down sharply as Goldman has suggested, 3.4 million tonnes down to 35 million tonnes. That’s a 40 million tonne annualised drop, obviously material, which should reverse soon.

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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.