Daily iron ore price update (steel output)

Thursday 16 June 2016

Iron ore charts for June 15, 2016:

Tianjin benchmark fell 1.2% to $50.20. Paper stable. Rebar average loses steam. I expect steel to resume falling henceforth. In part because production is now confirmed as very high in CISA data which was up 1.8% in late May to 1.78mt per day:

Steel output is down -4.1% year to date on CISA data but down only 2.1% on official data:

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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.