Daily iron ore price update (the end game)

David Llewellyn-Smith

Monday, 10 December 2018

Iron ore prices for December 7, 2018:

Spot up. Paper up. Steel up. Coking coal is very strong but I don’t think that can last. Chinese iron ore port stocks continue to draw down, hitting 138.6mt last week. Chinese imports of iron ore for November were at 86.2mt and the year is tracking below 2018 at 977.9mt versus 991.3 last year.

China’s iron ore imports have peaked structurally. The rolling annual is now falling and will keep doing so as scrap rises. Trade growth is stalling with worse ahead.

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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.