Daily iron ore price update (stupid o’clock)

Friday 22 April 2016

Iron ore charts for April 21, 2016:

It’s stupid o’clock in the iron ore and steel market. Tianjin spot launched $4.40, or 6.8%, to $68.70. Paper is now off the hook. Rebar is in space.

There may be a temporary shortage of steel in China but there is no shortage of iron ore anywhere. This rally is not going to “fade”, it is going to “crash” and soon.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.