Daily iron ore price update (bloody Hell)

Wednesday, 2 December 2015

Here are the iron ore charts for December 1, 2015:

What can I say? We’re on our way to Hell here. Spot trashed with Tianjin down 2.8% to $41.60. Paper is a bonfire. Rebar killed. And I got port stocks wrong on Monday. They rose 1.6mt tonnes to 8765, not the 8675 I reported. Miners in London followed the ASX higher but it can’t last. Futures are beginning to price the real outlook for iron ore and at $33 in twelve months FMG is out of business and RIO as well as BHP are making $3 per tonne.

That building disaster is upon the zombie Atlas again, 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.