Daily iron ore price update (smash)

Wednesday, 11 May 2016

Iron ore prices for May 10, 2016:

Tianjin benchmark fell another -2.5% to $54.20. Paper took a breather. Rebar average is falling from heaven. CISA fast data for steel output was up 1.86% in late April to 1.72 million tonnes per day and still well below last year.

But the steel output rise, however large, is clearly enough to have satisfied demand, such as it is. I can see rebar falling a long way yet. Steel mills are still more consistently profitable than they have been in years:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.