Daily iron ore price update (bubble bulges)

Monday 1 August 2016

Iron ore charts for August 1, 2016:

Tianjin benchmark took off again up 2.9% to $60.50. Banana Man went mad on the Dalian exchange. Rebar rose a little. As such steel mill profitability has now broken lower, increasing the odds of a solid iron ore destocking episode ahead.

The excuse for yesterday’s bubblicious action was the Chinese and steel PMIs:

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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.