Daily iron ore price update ($40s loom)

Monday, 26 October 2015

Here are the iron ore charts for October 23, 2015:

Tianjin benchmark is fading fast down another 1% to $50.90. Paper got a bounce out of the Chinese rate cut but not much. Rebar is still buggered. I’ve updated my yuan price which is why it has backed away slightly from a new low. Chinese port inventories were up 75ok tonnes to 83.95 million tonnes last week. So long as they rise and prices fall the outlook is grim.

Sinosteel is still threatening, from Reuters:

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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.