Daily iron ore price update (steel crash)

Friday 5 February 2016

Here are the iron ore price charts for February 4, 2016:

Tianjin benchmark jumped again 1.6% to $44.70. Paper has flamed out. Rebar average hasn’t moved in a week.

Looking under the bonnet of the recent price rises we find nothing but smoke. CISA has released its fortnightly survey of steel mill output and the first 20 days of January were down -11% year on 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.