Daily iron ore price update (goodbye)

David Llewellyn-Smith

Tuesday, 20 March 2018

Iron ore price update for March 19, 2018:

Tianjin benchmark was clubbed $2.25 to $67.35. Inconveniently, port stocks rose 600kt last week to hit a new all time high of 159.18mt. Steel has ruptured its steeper uptrend line. Coking coal is doing better.

When one considers that grade discounts ($4) and higher shipping costs ($6-8) has added $10-12 to Australia’s net iron ore net price, it could be argued that we are already at the Budget outlook price here of $55FOB.

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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.