Daily iron ore price update (Dalian hammered)

Tuesday 3 November 2015

Here are the iron ore price for November 2, 2015:

Tianjin benchmark slid 0.8% to $49.10. But bigger losses are coming today. Dalian was thumped overnight almost 3% to 352, it’s equal closing low when iron ore was at $44. It is very obviously in danger of breaking down technically and entering free fall. Dalian May was only prevented from slumping into the $30s by a big jump in the yuan. Singapore is in the $30s. Rebar showed a little more strength though that is too strong a word. We’re still going lower.

In news, Gina is not happy, from The Australian:

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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.