Daily iron ore price update (excitement)

Tuesday, 24 April 2018

Iron ore prices for April 23, 2018:

Tianjin benchmark rose 70 cents to $67.55. It is under-performing paper, a sure sign of bear market rally. Port iron ore stocks fell a bit but remain crazy. Steel jumped yesterday as rebar stocks drew down to 8.25mt. All perfectly normal and not supportive of the price action.

Nothing changed. This is a bear market rally triggered by PBOC liquidity support which will do very little to boost growth. It’ll pass when its ready and we’ll resume the downtrend.

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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.