Daily iron ore price update (steel down hard)

Wednesday, 21 October 2015

Here are the iron ore charts for October 20, 2015:

Spot down despite paper stability with Tianjin benchmark hit 0.7% to $52.10. Rebar is six points from a new low and futures are in free fall. Here’s why, from the World Steel Association:

World crude steel production for the 66 countries reporting to the World Steel Association (worldsteel) was 131 million tonnes (Mt) in September 2015, a -3.7% decrease compared to September 2014.

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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.