Daily iron ore price update (poor, bad, worse)

David Llewellyn-Smith

Tuesday 9 May 2017

Iron ore price charts for May 8, 2017:

Spot crushed again. I don’t have Tianjin benchmark today but it’s likely in the $58-59 range. Paper firmed slightly overnight. Steel jumped, perhaps on possible output cuts owing to the Beijing OBOR conference. The outlook remains poor. Thermal is sinking rapidly to my $70 target. Let’s see if it can hold it!

Yesterday’s Chinese trade data was bad. Steel exports continue to crash, in at 6.49mt, down 35% year on year:

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.