Daily iron ore price update (Samarco bottom)

Monday, 16 November 2015

Here are the iron ore charts for November 15, 2015:

Qingdao spot was up but Tianjin benchmark fell 40 cents to $47.40. Paper mixed with Dalian up sharply Friday night to 353. Rebar average has collapsed to a new low. Chinese iron ore port inventories rose another 450k tonnes last week. I think it fair to say that without Samarco this market would be in full blown crisis.

On that, the closure could be permanent, from the AFR:

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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.