Daily iron ore price update (toxic mix)

Monday, 19 October 2015

Here are the iron ore price charts for October 16, 2015:

Qingdao unchanged but Tianjin benchmark fell 1.1% to $52.60. Paper flattish. Rebar is on its way to new lows this week. Chinese port stocks piled on nearly 3 million tonnes last week and are highest in six months.

This is a toxic mix of falling prices and rising inventory indicating too much supply and sharply lower prices ahead.

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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.