Daily iron ore price update (a bearish turn)

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Iron ore prices for March 25, 2019:

Spot fell. Paper too. And steel. CISA output remains off its face.

I’m beginning to tilt bearish here. Vale remains a rolling bullish shock but the fundamental set up is poor. There are huge piles of steel inventory sitting in China. Output is completely uninhibited by any pollution controls. If the forthcoming building resumption in China is not an outright boom then steel prices are going to fall. The slowdown in realty suggests it will not be.

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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.