Daily iron ore price update (old school crash)

Tuesday, 27 November 2018

Iron ore prices for November 26, 2018:

Spot is now in an old school crash. Paper too but it is following. Coking coal is still relatively strong. Steel is still very high. Port stocks even higher!

When we see these types of shakeouts it is because somebody has been caught on the wrong side of the trade and is force liquidating driving big overshoots so it is probably not over. In fact, it is likely that we’ll break $60 now. Reuters has more:

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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.