Daily iron ore price update (down, down)

David Llewellyn-Smith

Tuesday, 12 March 2019

Iron ore prices for March 11, 2019:

Spot tumbled. Paper held up overnight. Steel is soft. Chinese port stocks of iron ore climbed above 147mt last week.

Brazilian exports to China were fine in February, up 24% year on year. It’s still too early to say if the crisis has been over-egged and Vale may be drawing upon its own stockpiles, but at this stage there’s tonnes of iron ore everywhere and the price is far too high for it.

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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.