Daily iron ore price update (limit down)

David Llewellyn-Smith

Friday, 9 December 2016

Iron ore price charts for December 8, 2016:

Tianjin spot faded -0.6% to $81.90. DCE paper is limit down overnight. SGX was soft yesterday. Rebar keeps on keeping on. Coking coal futures lost their mojo. Thermal paused.

Don’t ask me to explain it! I have never seen an iron ore market that moves 6% per day. It has no explanation beyond the madness of crowds. It will end when greed turns to panic and not before.

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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.