Daily iron ore price update (bull, bull, bull)

David Llewellyn-Smith

Monday, 13 May 2019

Iron ore prices for May 10, 2019:

Spot is firm and right at break out. High grade ore has already broken out to new highs. Paper less so. Steel is firm enough and rebar inventories are drawing at roughly the same pace as last year.

May/June is the weakest iron ore period on the calendar and if we don’t see prices fall now then H2 is going to see $120 spot as the supply crunch continues. More on Vale:

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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.