Daily iron ore price update (top?)

Thursday 3 November 2016

Iron ore charts for November 10, 2016:

Tianjin benchmark was unchanged. Paper fell hard, especially SGX which appears to have had a false breakout. Steel is still firm offering hope for more. Coking and thermal coal both flamed out. CISA steel production for mid-October fell -1.3% to 1.72mt per annum. The seasonal pattern should see it weaken from here.

The magazine cover indicator is flashing red too with Australian papers licking their lips at the endless bulk commodity gains. Mining shares are weakening.

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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.