Daily iron ore price update (restock)

David Llewellyn-Smith

Tuesday, 25 July 2017

Tianjin benchmark fell 20 cents to $66.90. Paper took off overnight. Steel is stable. Restock ongoing. From Reuters:

Stocks of rebar SH-TOT-RBARINV, mostly used in construction, added 2.34 million tonnes over the last week to 372.7 million tonnes, according to the SteelHome data.

That’s ringing the bell at the top.

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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.