Daily iron ore price update (weak physical)

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Iron ore price charts for September 28,2017:

Tianjin benchmark fell sharply to a new correction low of $62.80. Paper was firm yesterday but was hit overnight. Coking coal futures hit new lows and iron ore is at the brink of same. SGX has taken a breather. CISA steel output data for early September was unsurprisingly strong at 1.87mt per day.

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Physical is now leading futures lower which is a bearish sign.

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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.