Daily iron ore price update (where’s the upside?)

Wednesday, 12 August 2015

Here are the iron ore charts for August 11, 2015:

Qingdao eased but Tianjin fell 0.7% to $55.90. Singapore is going sideways but Dalian fell to 371 overnight. Once we subtract 2% for the devaluation it’s not so very pretty. Rebar average has flamed out. CISA fast data for Chinese steel production collapsed another 2.7% in late July to 1.6 million tonnes per day. That explains the rebar rally on falling supply but how steel output running at 2011 levels is supposed to help iron ore I don’t know.

Reuters has some texture:

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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.