Daily iron ore price update (firm still)

David Llewellyn-Smith

Tuesday 11 October 2016

Iron ore price charts for October 11, 2016:

Still more gains in Tianjin benchmark up 1.3% to $56.50. Paper firmed another 1% overnight despite all other commodities falling. Coking coal hit news highs at $218. Steel mills margins continue to collapse despite steel prices holding up. Even so, RIO was hit -3.5% in New York and BHP -2.8%.

While steel holds up so can the bulks. I can only surmise that mills and traders are comfortable to continue the China’s steel inventory build-up even as property demand heads for trouble.

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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.