Daily iron ore price update (bloody tire kickers)

Tuesday, 18 August 2015

Here are the iron ore charts for August 17, 2015:

Spot eased with Tianjin benchmark down 0.4% to $56. Paper fell harder but Dalian recovered a few points overnight. Rebar is stable but is falling in US dollar terms. Port stocks eased back 550k tonnes last week in a blow to any bearish outlook.

While port stocks don’t recover it is harder to see where any destock is going to come from. That could slow price falls. That’s not stopping Goldman, from Bloomie:

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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.