Daily iron ore price update (new lows)

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Iron ore price for March 20, 2018:

Tianjin benchmark fell 55 cents to $66.80. Paper rebounded overnight. Steel bottomed. Coking coal is doing better.

There really is no way to go but down for steel and iron ore given inventories and weakening demand growth. Coking coal is the one last hope for the ferrous complex. So long as it is so elevated, lower grade iron ore will be under pressure.

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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.