Daily iron ore price update (smogged)

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Iron ore price charts for October 27, 2017:

Tianjin benchmark got smoked $1.90 to $58.70. Paper recovered a little overnight. Steel fell sharply. Everything is at the bottom of recent ranges and shutdowns have not even started in earnest yet, via Reuters:

“More cities, including Tangshan, have been ordered to deepen production cuts during the winter season. Low-grade iron ore prices have almost touched the bottom, but we don’t see any support for prices in the near term due to falling operational rates at mills,” said Zhao Chaoyue, an analyst with Merchant Futures in Shenzhen.

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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.