Daily iron ore price update (bottom?)

Thursday, 17 December 2015

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

Tianjin benchmark was up 1.8% to $38.20. Paper wants to rally. Rebar at last found a small bid. RIO and BHP were both up 3% in New York. Looks like we may have found a short term bottom perhaps with low prices tempting a few mills or just traders betting they will be. Any bottom will be brief but nothing goes straight down not even iron ore!

News is bad, though, from India:

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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.