Daily iron ore price update (overshot)

Friday, 24 June 2016

Iron ore charts for June 23, 2016:

Tianjin benchmark was unchanged at $51.70. Dalian firmed but is clearly more excited than the physical market. Rebar offered some hope but I don’t see it getting far. From Reuters:

Chinese iron ore futures rallied to a five-week peak on Thursday, riding on the strength of steel prices that traders thought were oversold as market participants anticipated the seasonal lull from June onwards.

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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.