Daily iron ore price update (to the moon)

Tuesday, 28 May 2019

Iron ore prices for May 27, 2019:

Spot and paper to the moon. Steel not.

Dalian is warning speculators but with Vale stating that it has another damn at imminent risk of collapse, you can hardly call the rally irrational. Upstream dams appear to be irrational at this point and, if so, the market might just decide that security of supply needs more ex-Vale production. For that it will send a signal via a very high price.

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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.