Daily iron ore price update (relief)

Friday, 14 June 2013

Still got some technical issues today but iron ore rose one percent or so to $112, which is better than I’d feared. However, pressure will remain with Shanghai rebar dropping further to 3,386 yuan. CISA reported yesterday that Chinese steel production cuts have begun in earnest, down 4-5% in late May from mid May. More to come.

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.