Daily iron ore price update (look out below)

Sunday 20 November 2016

Iron ore price charts for November 18, 2016:

Tianjin benchmark fell slightly to $72.60. Paper is aflame at both DCE and SGX. Coking coal futures hit limit down but spot is still at $314. Rebar is falling. Steel mill margins improved a bit from disastrous. Port stocks were up 2.8mt on the week as speculators take delivery of dirt on their front lawn. Inventories will keep climbing for another couple of weeks on the recent surge. The thermal crash is continuing.

Look out below. The bubble is popping. Reuters has texture:

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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.