Daily iron ore price update (painful)

Thursday, 22 December 2016

Iron ore charts for December 21, 2016:

Spot down. DCE paper down overnight. Steel down. Coal still dead cat bouncing. It’s trying to deflate but given the array of headwinds it is painfully slow. Tianjin port is shut owing to smog. Some support is coming from Cyclone Yvette:

But, even so, one wonders how much support is still coming from the futures yuan hedging trade which is defying fundamentals.

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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.