Daily iron ore price update (buck the trend)

David Llewellyn-Smith

Tuesday, 22 May 2018

Iron ore price for May 21, 2018:

Tianjin benchmark fell -2.7% to $64.90. Paper held on overnight. Steel is falling. Rebar inventories fell again last week to 6.07mt and are roughly on par with last year now. Port iron ore stocks may finally be destocking.

It all adds up to an overstocked market turning towards destocking. The bearishness was underlined by iron ore was one of the few commodities to not benefit from a lift in the trade war rhetoric. And by this, via Bloomie:

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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.