Daily iron ore price update (pain trade)

Friday, 23 September 2016

Iron ore charts for September 22, 2016:

Tianjin spot jumped 1.6% to $56.30. Paper was flat overnight. Rebar was flat yesterday. Financialisation is wreaking havoc with this market again but I still can’t see how it can overcome clearly weakening fundamentals. Perhaps it can prevent the seasonal falls from getting too deep.

In news, Vale just can’t bury S11D despite its best efforts, from Platts:

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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.