Daily iron ore price update (flame out)

David Llewellyn-Smith

Wednesday, 23 August 2017

Iron ore price charts for August 22, 2017:

Tianjin benchmark rose 70 cents to $78.80. Coking coal futures are falling as the seaborne price is now more expensive than Chinese sourced. Futures were pounded overnight. Steel is near its highs.

There’s a good chance we’re done here. Coking coal is unlikely to go higher and position limits in futures are weighing. Iron ore can still restock for another few weeks but, really, with the winter shutdowns and demand slowing looming plus prices at nosebleed levels already, taking profits makes sense.

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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.