Daily iron ore price update (paper burn)

Thursday 8 September 2016

Iron ore charts for September 7, 2016:

Tianjin spot eased 0.5% to $58.30. Paper crashed. Rebar is still firm. I suspect we have both ongoing restocking and supply pressures (seen in yesterday’s Port Hedland numbers) here. When the former ends, the bottom will fall out.

In news, Macquarie wraps up the G20 outcome for steel:

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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.