Daily iron ore price update (rocket)

Friday, 29 July 2016

Iron ore charts for July 28, 2016:

Tianjin benchmark rose 2.1% to $59.20. Paper is in ecstasy. Rebar yawned. As result steel mill profitability has slumped to its lowest level since the paper bubble earlier this year:

This is despite the newest CISA data showing a sizeable drop in output in mid-July -2.9% to 1.69mt tonnes per day:

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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.