Daily iron ore price update (splat)

David Llewellyn-Smith

Friday, 23 December 2016

Iron ore price charts for December 22,2016:

The dream is over. Spot splatted though Tianjin benchmark is bit better -2.8% to $77.10. Paper fell more overnight and DCE looks ready to roll big. SGX is following. Steel fading. I have no idea why thermal is up but it’s not going to last. Coking is still falling.

The proximate excuse is Chinese pollution-related shutdowns but I don’t buy it. Only a week or two ago that was seen as bullish. In the context of other deflating metals, the Trump metals bubble is unwinding here and I expect it keep doing so across the New Year.

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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.