Daily iron ore price update (bubble popping)

Thursday 5 May 2016

Iron ore charts for May 5, 2016:

Tianjin benchmark spot tumbled 2.5% to $59.50. Paper fell much further overnight forecasting more losses today. Significantly, rebar has joined the exit rush. The futures bubble appears to be on the verge of bursting.

Notably, Port Hedland statistics for April rebounded but not far as they should have:

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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.