Daily iron ore price update (flame out)

Tuesday 5 July 2016

Iron ore charts for July 5, 2016:

Tianjin benchmark fell 0.2% to $55.80. Paper flamed out. Steel still offers some hope. My feeling is we’re topping out here. The rally is nonsense anyway and will only have triggered several a more weeks of growing stockpiles, as the Baltic Dry attests:

China is going to slow some more. The yuan is tumbling. Stockpiles are huge and growing. Time to get short.

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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.