Daily iron ore price update (steel meltdown)

Sunday 2 August 2015

Here are the iron ore charts for July 31, 2015:

As well as Qingdao falls, Tianjin benchmark iron ore fell 3% to $52.90. Unusually, this was despite only minor moves falls in Dalian and rises in Singapore. Indeed, Dalian rallied Friday night to 370 and is virtually unchanged from Thursday. The rebar average bounce continues as CISA mid-July steel output data tanked 3.35% to 1.65 million tonnes. The Chinese steel PMI was also out over the weekend and showed conditions getting worse at a slower rate in July:

	PMI	Output	New Orders	New export orders
Jun-15	37.4	34.2	27.9	50.7
Jul-15	41	41	36.6	56.1

And the chart:

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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.