Daily iron ore price update (the bleed)

Thursday, 22 October 2015

Here are the iron ore charts for October 21, 2015:

Qingdao spot eroded and Tianjin benchmark was hit 0.4%to $51.90. Paper is signalling more weakness with Dalian breaking down and Singapore 12 month swaps at record lows again (if just). The rebar death of one thousand cuts has no end. To date the great correction has seen iron ore shunt lower in large and volatile steps. Now it appears that a general price bleed is infecting the entire price deck though the sheer weight of the market imbalance.

In news, it’s not all bad but it’s close, from BS:

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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.