Daily iron ore price update (catch your breath)

Monday, 26 September 2016

Tianjin spot rose 0.5% to $56.60. Paper jumped overnight. Steel firm. Port stocks down another 330kt. At this point there is little evidence of demand falling away. What has faded prices is the turn in inventories and return of supply. I expect the demand fade is still ahead and prices to continue down.

In news, India is set to ramp up post-monsoon, from BS:

That’s going to bring more pressure to sub-62% iron ore.

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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.