Daily iron ore price update (unusual destock)

Friday, 19 October 2018

Iron ore prices for October 18, 2018:

Spot was firm. Paper eased. Steel is solid. Chinese port stocks fell against 142.5mt. They are still high but the destock to date has transpired through a period of rising prices. Although there is no direct link between port stocks and prices (that link is between mill stocks and prices) they do tend to trend together. This is quite unusual and speaks to still good demand despite the trade war noise.

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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.