Daily iron ore price update (free fall)

Tuesday, 17 November 2015

Here are the iron ore charts for November 16, 2015:

New lows for spot with Tianjin benchmark down 0.2% to $47.30, paper and rebar average also hit new lows. Dalian especially was whacked setting up more spot losses today. Late October Chinese steel production fell 2.6% from the fortnight before but is still pretty high. My view is it will finish the year at or below 2012 levels. In short, we’re in free fall. Reuters sums it up:

Shanghai steel futures fell to a record low on Monday, deepening losses for producers as consumption shrinks in top market China and reducing appetite
for cargoes of raw material iron ore.

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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.