Daily iron ore price update (down she goes)

Wednesday 5 October 2016

Tianjin benchmark iron ore fell 0.9% to $54.50, its lowest since May:

Budget iron ore pain is beginning to mount:

In news, Vale is warming up S11D. We’re going to see 25mt next year plus the same from Roy Hill in H1. It’s going to arrive right into the teeth of the Chinese property tightening (expect slowing not a bust) as inventories are high and mill margins will be pressured by both falling steel and coking coal:

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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.