Daily iron ore price update (place your head firmly between your legs)

Monday, 12 March 2018

Iron ore prices for March 9, 2018:

Tianjin benchmark fell $1.75 to $70.25. Paper held on Friday night as risk took off. Steel is breaking. Coking coal tracking the lot. We’re been triggered a little earlier than usual by the Trump tariffs but this is typical price action moving into Q2. I expect we’ll not stop selling in trend terms now until the end of June so hang on. I’m aiming for 3000 for rebar, $50 for iron ore and 1000yn for coking coal.

Barclays agrees, via Platts:

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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.