Daily iron ore price update (pop!)

Tuesday 15 November 2016

Iron ore charts for November 15, 2016:

Pop! Tianjin benchmark crashed 8.7% to $72.80. Coking coal was limit down yesterday but caught a bid overnight. DCE paper is limit down. SGX paper has no limits down. Steel rolled. Thermal is cooked. Goldman puts some perspective on the bubble:

“We believe that the initial reaction in iron ore and copper prices has been excessive and reiterate our view for sequentially lower prices”

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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.