Daily iron ore price update (cooked)

David Llewellyn-Smith

Friday, 21 July 2017

Iron ore price charts for July 20, 2017:

Tianjin benchmark sank $2.20 to $67.30. Paper flamed out and fell sharply overnight. Steel eased. The rally looks cooked to me. We’ll probably bounce around $70 for a while as Chinese mills complete their restock but there’s just no reason to drive it higher here. Supply is flooding into the RIO gap as FMG, BHP, Roy Hill, Vale and China all fill it gleefully. Add Anglo:

That is a big lift at Kumba with more to come at Minas Rio next year.

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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.