Daily iron ore price update (just wow)

Thursday 21 April 2016

Iron ore wow for April 3, 2016:

Spot wow with Tianjin benchmark up 4% to $64. Paper wow. Rebar wow. The percentage move in steel prices is now double that of the post-GFC recovery. In a decade of iron ore and steel watching I have never seen this before.

This is pure and simple a steel shortage in China. When it passes it will 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.