Daily iron ore price update (dead cat)

Wednesday, 18 May 2016

Iron ore charts for May 17, 2016:

Spot rebounded strongly with Tianjin benchmark up 3.4% to $55.70. Paper firmed again overnight. Rebar average is still falling. It’s the last point that matters most. Iron ore should not be rising while steel prices fall. The wild action in coking coal futures suggests some lingering craziness in Dalian and for now I’d put the iron ore rebound in the dead cat category.

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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.