Daily iron ore price update (toppy)

David Llewellyn-Smith

Monday, 11 September 2017

Iron ore price charts for September 8, 2017:

Tianjin benchmark tumbled 3% to $73.70. Steel eased. Coking coal spot is still at an astonishing $209. Both paper and spot are starting to look a bit toppy here. Even the carnage in the USD failed to trigger any new bid. However, until steel weakens the jury is out. Port stocks were down another 330kt to 133mt still suggesting a relatively tight market.

Indian iron ore returns this month. Port Hedland shipments have started to rebound. Brazil has also been very weak for a few months and should lift so the pressure ought to in coming weeks.

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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.