Daily iron ore price update (price upgrade)

Monday, 14 August 2017

Iron ore prices for August 11, 2017:

Tianjin benchmark was whacked -$1.80 to $74.30. Paper was hit for more overnight. Rebar is in heaven. We’re likely at the top here. Port stocks are from last week but have not risen with the recent iron ore price surge.

I’m upgrading my outlook. The key is that the recent price surge has transpired without port stocks going any higher. Mills have restocked a little but not overly, either:

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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.