Daily iron ore price update (beeeaaaarish)

David Llewellyn-Smith

Wednesday, 12 April 2017

Iron ore charts for April 11, 2017:

Spot down despite a lift in paper yesterday which is bearish. Tianjin benchmark is at $72.50. DCE resumed falls overnight, dumping -4% before rebounding to -2.2%. Coking coal futures are getting flogged amid Debbie and North Korea supply turn backs is also very bearish. Steel is tumbling which is most bearish of all.

We’re going lower here. Much lower, I fear. Chinese data kicks off today but I can’t see it offering much reprieve.

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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.