Daily iron ore price update (break?)

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Here are the iron ore charts for August 20, 2015:

9 1 2 7
5

Spot weakened with Tianjin down 0.5% to $55.60. Paper was firm. Rebar is done when we factor in currency adjustments. RIO and BHP were up 2% in London but that was before the New York rout. CISA fast data for early August steel output leaped 5.3% as mills restocked ahead of the Hebei shutdowns. This is an action replay of last year with a big drop ahead. We appear to be lining up for a sell off.

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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.