Daily iron ore price update (ports destock)

Tuesday 10 July 2018

Iron ore prices for July 9, 2018:

Tianjin benchmark rose 60 cents to $63.25. Paper was firm overnight. Steel is still strong. Ports are destocking, down 4.2mt in two weeks.

To my mind this is a signal that mills can see the leading edge of a demand slowdown. There is no other reason to destock given margins remain insanely good. We are due:

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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.