Daily iron ore price update (splat)

Monday 6 March 2017

Iron ore price for March 6, 2017:

Spot was hit. Paper fell further. Steel is still very high. The coals are levitating. Forces that elevated the market are still in play but it’s been obvious for a few weeks that iron ore was struggling to hold the $90-handle. I still think we’re going to fall away here, perhaps back into the $70-handle range. Then some more stability before lower later in the year.

But, that’s really just a wild guess. The bubble could pop at any time and head straight back down to the $50-handle. The Chinese February data dump over the next week could do it, if forward indicators ease off, especially credit.

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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.