Daily iron ore price update (steel crash)

Wednesday 8 March 2017

Iron ore prices for March 8, 2017:

Spot down sharply and in what looks like good momentum for a correction. Tianjin benchmark fell 2.6% to $85.30. Paper hit new lows overnight. Coking coal is fading too. Thermal is right at new lows. Steel has topped.

Bloomberg liked the look of yesterday’s Chinese trade data:

Record cargoes of iron ore coming into China and fewer boatloads of steel going out signal a boon for miners including BHP Billiton Ltd., Rio Tinto Group and Vale SA, as well as welcome news for rival metal producers like Europe’s ArcelorMittal.

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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.