Daily iron ore price update (breakdown)

Tuesday, 29 September 2015

Here are the iron or charts for September 28, 2015:

Trouble. Spot held up OK with Tianjin benchmark down -0.4% to $56 but paper is burning. Both Singapore 12 month swaps and Dalian 6 month futures are one bad day from new lows. Rebar is still bleeding out. And perhaps worst of all for prices, Chinese port stocks suddenly jumped 2 million tonnes last week to their highest since the destock. Data on port stocks is laggy so this could be rises that came through during the Heibei pause several weeks ago. Even so, any further move up will spook markets. Wider bulks also look sick.

Reuters has 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.