Daily iron ore price update (way too high)

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Iron ore prices for September 3, 2018:

Spot was flat. Paper too. Coking coal futures are deflating. Steel is way too high given inventories are 1mt above last year and absolutely fine. The China steel PMI is still solid at 53.4 but fading.

Prices are going to fall. The market is onto it with FMG slain yesterday:

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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.