Daily iron ore price update (nonsense)

Tuesday, 28 June 2016

Iron ore charts for June 27, 2016:

Tianjin benchmark jumped 3.5% to $53.20. Paper flamed out last night after yesterday’s surge, rebar average firmed. Reuters tries to explain the rally:

Shanghai steel futures climbed 6 percent to a seven-week high on Monday, propped up by China’s efforts to consolidate the sector to improve efficiency amid global calls for Beijing to cut its excess capacity.

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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.