Daily iron ore price update ($30s)

Monday 7 December 2015

Here are the iron ore charts for December 4, 2015:

Well, we’ve arrived in the $30s but whether it’s the destination or we’re just passing through is a moot question. On Friday, the Tianjin benchmark iron ore price fell 2.2% to $39.40. Paper is covering some shorts. Rebar fell of course. Port stocks leaped another 1.85mt to 89.5mt. There is still no end in sight. Reuters has texture:

Bids were scarce in a market swamped with offers for cargoes from both traders and miners hoping to sell before prices fall further, traders said.

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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.