Daily iron ore price update (launch)

Monday 7 March 2016

Here are the iron ore charts for March 4, 2016:

Spot firmed with Tianjin benchmark up 1.4 per cent to $52.40. Paper is now seriously over-excited and Dalian even managed a technical break out on Friday night’s ‘buy everything’ surge. Rebar is still climbing offering some hope. Port stocks fell 500k tonnes last week. Miners went berserk in London with BHP up 9% and RIO 6%.

Nothing new to offer from me. This is a restock and it is now entering the realms of pure hysteria. It will end when it ends and then reverse.

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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.