Daily iron ore price update ( short squeeze)

David Llewellyn-Smith

Wednesday, 11 April 2018

Iron ore prices for April 10, 2017:

Tianjin benchmark up $1.80 to $65.85. Paper up more overnight. Steel too yesterday. Rebar inventories are running down now which is perfectly normal. CISA steel mill output rose 3% mid-March to 1.78mt per day. It should converge with last year’s output numbers over the next few months given most of the boost is from last year’s closure of illegal mills.

All very much normal seasonal patterns. Expect more weakness in May/June as steel output puts pressure on prices and mills destock raw materials into the end of financial year.

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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.