Daily iron ore price update (lol)

David Llewellyn-Smith

Monday, 22 May 2017

Iron ore price charts for May 19, 2017:

Tianjin benchmark added 70 cents to $61.70 under-performing very over-excited paper. Steel is still amazingly strong and probably needs to roll before iron ore does. Port stocks of iron ore are now rising off the hook, up another 1.75mt last week to a new laugh out loud high of 136mt.

Capacity is thought to be around 160mt so at this rate we’ll hit it around September. Even after losing one third of its value, the iron ore bubble persists!

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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.