Daily iron ore price update (crushed)

David Llewellyn-Smith

Wednesday, 31 August 2016

Iron ore price charts for August 30, 2016:

Tianjin spot firmed 0.3% to $59 while paper was hit. BHP was pounded -3.7% and RIO -4.7 in London so today will shape as an interesting test for the eleventh hour dumb money now flooding into higher cost iron ore miners.

At this stage, steel still looks firm enough to not yet plunge iron ore into the seasonal sell-off. But with the G20 disruptions for another week and paper markets highly volatile these days that’s a guess!

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.