Daily iron ore price update (flame out)

Tuesday, 17 October 2017

Iron ore price charts for October 16, 2017:

Tianjin benchmark lifted 4.5% to $62.4o. Paper gave it all back overnight. Steel futures rose a bit yesterday. Port stocks fell 2.5mt last week to 130.35mt.

Nothing changed for me. The path of least resistance still seems lower on the basic guess that winter shutdowns will balance out as lower iron ore demand.

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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.