Daily iron ore price update (steel pump)

Monday, 29 April 2019

Iron ore prices for April 26, 2019:

Everything is petty stable for now. CISA steel output numbers for early April ripped higher. It will be interesting to see if they converge with last year headed into mid-year. Rebar inventories peaked higher this year in Q1 but are drawing down faster so there’s obviously still life left in the old girl yet.

I still see price falls ahead into May/June as the Chinese rainy season has its way and think it unlikely we’ll return to recent peaks after that, assuming the worst Vale news is over.

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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.