Daily iron ore price update (firm)

David Llewellyn-Smith

Monday, 27 June 2016

Iron ore charts for June 24, 2016:

Tianjin spot fell 0.6% to $51.40. Dalian was up overnight after resisting Brexit Friday. This can happen with iron ore given its monumental China exposure especially while steel prices remain stable. Port stocks rose another 800k tonnes last week and are mounting to quite a pile. So long as we stay above $50 these port stocks will keep building. And when the inventory cycle turns we’ll give it all back plus interest.

In news, China insists it’s shutting in more steel, from Reuters:

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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.