Daily iron ore price update (coal crazy)

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Iron ore charts for September 28, 2016:

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Tianjin benchmark fell 0.5% to $55.90. Paper took off overnight. Rebar rolled again. I suspect we’re in something of a pre-Golden Week holding pattern with restocking to the fore. This is probably the case for coal as well though, as said many times, Chinese inventories has sunk so low that it will take time to clear the pent-up demand. By year end I expect thermal to be in full reversal. Coking will take another quarter.

In news, Vale put a number of S11d next year, from Reuters:

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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.