Daily iron ore price update (rebar mountain)

Thursday, 22 March 2018

Iron ore prices for March 21, 2018:

Tianjin benchmark rose 55 cents to $67.90. Paper firmed a little overnight. Steel as well yesterday despite the early year rebar restock hitting new highs at 9.79mt.

Inventories of everything are now brimming. Just as demand is going to come off. That rebar mountain will begin to draw down through April which may keep the ferrous complex stable for a while (or not). But May/June shapes as a complete wipe out as Chinese data keeps slowing.

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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.