Daily iron ore price update (Rio glut)

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Here’s todays price update and charts for the iron ore complex, as at 20th January 2016:

dalian ore rebar table

There’s a bottom forming here going into Chinese Lunar New Year with rebar surprising on the upside the most. However, it will only be temporary. As I mentioned yesterday it seems reality hasn’t caught up with Rio Tinto, which announced its Q4 shipments of iron ore, a 11% increase year on year, and has no intention of slowing down. From Mining Review:

Despite weak iron ore prices, global mining giant Rio Tinto intends to increase its iron ore production from 327.6 Mt in 2015 to about 350 Mt in 2016.

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