Daily iron ore price update (a little slack)

David Llewellyn-Smith

Wednesday 7 September 2016

Iron ore price charts for September 6, 2016:

Tianjin spot eased 0.3% to $58.60. Paper fell. Steel rose. An unusual mix. One day can’t tell us much but it appears that iron ore markets have become a little slack. It may still be the G20 impact, or it may be more fundamental. Port stocks are falling and that reverses demand by some 50mt per annum while it lasts. Shipments from both Australia and Brazil have been strong in recent weeks. Mills are restocking but it may just be that the balance has tipped against dirt now.

We may already be into seasonal weakness.

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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.