Daily iron ore price update (pole-axed)

Friday 20 May 2016

Iron ore charts for May 4, 2016:

Qingdao spot was pole-axed but Tianjin benchmark only eased 0.4% to 55.70. Paper and rebar were stable suggesting we’ve got some kind of temporary bottom building though the big dump in dirt might signal more steel and iron ore decoupling ahead.

In news, there’s a rare triple hit from the big three miners today. Vale is confident about S11D, from Bloomberg:

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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.