Daily iron ore price update (weak)

Tuesday 20 September 2016

Iron ore price charts for September 19, 2016:

Tianjin benchmark fell 0.4% to $55.30. Paper rallied overnight on housing bubble hopes. Rebar is sinking. That’s the key signal now. Port stocks rose a modest 150k to 103.25mt tonnes. So far, a 3mt ports destock has dropped prices 10%. Iron ore prices are going to fall much further yet.

RIO is happy:

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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.