Daily iron ore price update (going nowhere)

Friday, 3 November 2017

Iron ore price charts for November 2, 2017:

Tianjin benchmark rose 80 cents to $59.30. Paper was flat overnight. Steel flat yesterday. CISA released mid-October output number for major mills down -1% to 1.82mt per day. Nothing out of the ordinary for this time of year. We’re just range trading here.

Nothing changed for me. I don’t expect the dead cat bounce to get far and still to go lower before New Year.

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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.