Daily iron ore price update (flame out)

Wednesday, 8 November 2017

Iron ore price charts for November 7, 2017:

Tianjin benchmark fell 40 cents to $62.30. Paper fell overnight. Coking coal too. Steel is stable. 42 port inventories rose 2% last week to 138.6mt. Texture from Reuters:

Chinese cities have ordered their steel mills to cut output from this month through March as part of Beijing’s campaign to fight smog. Some cities, including top steelmaker Tangshan, have already enforced cuts since October.

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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.