Daily iron ore price update (dead cat)

Wednesday, 17 May 2017

Iron roe price charts for May 16, 2017:

Spot stable with Tianjin benchmark up 1o cents to $60.40. Paper took off overnight. Steel is still very strong. The two coals rallied as well.

This is your proverbial dead cat bounce triggered by the news that China has eased off the brake a little. The slowdown is still coming so any price rally at this point will only push inventories higher than already hilarious levels.

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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.