Daily iron ore price update (stall)

Wednesday 12 October 2016

Iron ore charts for October 12, 2016:

Tianjin benchmark was unchanged at $56.50 as paper ran on ahead. Rebar is still strong suggesting steel restocking goes on. CISA’s fast data for mill output in the last ten days of September weakened -3% to 1.72mt. It remains roughly on track with 2013.

Not much more to add today. I still expect a break lower before year end.

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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.