Daily iron ore price update (pressure mounts)

David Llewellyn-Smith

Tuesday, 31 October 2017

Iron ore price charts for October 9, 2017:

Qingdao spot has broken to new lows. Tianjin benchmark is also close, down 70 cents to $58. Paper held on last night. Steel is also eroding. Everything is close to break down and, frankly, with shut downs not even yet in full roar, it will surely head lower. REuters has texture:

“Iron ore demand has come under pressure as steel mills stepped up production cuts,” said analysts from Hongyuan Futures in a note.

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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.