Daily iron ore price update (steely resolve)

Wednesday 17 August 2016

Iron ore charts for August 17, 2016:

Spot reversal with Tianjin benchmark down -1.1 % to $61.10. Paper too. Rebar off to the races. Let’s hope the last is finally based upon some inventory building so we can get passed this crazy market. Recent inventory measures have turned positive, from Morgan Stanley:

The thinness of the recent rally is obvious at Reuters:

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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.