Daily iron ore price update (60 days)

The ferrous complex was mostly closed over the long weekend with much of Asai shut too for the Dragon Boat holiday. Spot iron ore rose and everything else was on pause:

News over the break was very bad for demand as Chinese credit cratered but it was better on the supply side with Vale facing a delay in rectifying its latest dam problem:

Vale is considering using remote-controlled trains around Xingdu dam.
Remote-controlled trains would be one way around the problem, according to Marcos Henrique da Silva Jr., an auditor at the Regional Labor Superintendence of Minas Gerais who was involved in the dam’s inspection.
To fix the dam would take much longer than the 60 days needed to deploy the trains.

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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.