Daily iron ore price update (steel roll)

Wednesday 31 August 2016

Iron ore price charts for August 31, 2016:

Tianjin spot was flat. Paper down. Steel down. BHP was smashed another -5% in London and RIO -2%. It appears we may have entered the seasonal weakness but I’m still doubtful given G20 distortions and benchmark spot remains firm. For instance, CISA recorded a big jump in steel output in mid-August:

Could be inventory building ahead of the G20 or cashing in on higher prices. It’s all academic really. Lower prices are ahead.

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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.