Daily iron ore price update (full blown boom)

David Llewellyn-Smith

Monday, 4 September 2017

Iron ore price charts for September 1, 2017:

Tianjin benchmark was unchanged at $75.80. Paper ripped overnight. Steel is hovering at the highs. Port stocks were basically stable. The thermal coal restock appears to be easing.

CISA mid-August output at major steel mills was insane as induction mill closures swing some 40-50mt of production into blast production. This has clearly tightened bulk markets as well as some of the scrap production has clearly gone. So far there is not much evidence that this production surge has lifted steel inventories but data is few weeks old.

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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.