Daily iron ore price update (ports alarm!)

Tuesday, 30 April 2019

Iron ore price for April 29, 2019:

Spot, paper and steel all up. Chinese stocks cratered to 136mt over the past few weeks.

The pace of draw down would be a major alarm if it were not for the return of Brucutu. My guess is mills are drawing on inventories as the shipping hole of April hits Chinese arrivals from both Vale and Pilbara disruptions.

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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.