Daily iron ore price update (flame out)

Wednesday 24 February 2016

Here are the iron ore price charts for February 23, 2016:

Tianjin benchmark up 0.4% to $50.50. Paper flamed out. Rebar is still rolling higher. Reuters has texture:

While iron ore prices have increased more than we expected, we still believe the rally reflects restocking demand post the Lunar New Year and as steel mills ready themselves for the construction season, which typically begins in March,” Commonwealth Bank of Australia (CBA) said in a note.

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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.