Daily iron ore price update (rally on)

David Llewellyn-Smith

Friday, 1 July 2016

Iron ore charts for June 30, 2016:

Tianjin benchmark was up 1.5% to $54.20. Paper fell back overnight after yesterday’s bounce. Rebar average appears stalled. As a result of the iron ore surge, the profitability of steel mills has hit its lowest in a month:

It ain’t going to last. Mills will begin to cut back now. The port pile will keep growing on this bounce. China still to slow in H2. Good time to collect more shorts.

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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.