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Iron ore price for March 7, 2017:
Spot flat. Paper fell further overnight. Steel has rolled. The two coals are weakening.
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It is probable that we’re going to correct here. Chinese stocks are immense. The early year spike was clearly a combination of restocking and rain-hampered Pilbara supply. Both are now at the tail end (though not quite over!). The good news no longer seems to trigger panic buying. We should see a $70-handle before long.
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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.
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