Daily iron ore price update (PMI boost)

Wednesday, 1 May 2019

Iron roe prices for April 30, 2019:

Everything up into the holidays and getting a lift from a lousy PMI implying MOAR debt. The steel PMI was better, up 7.2 to 52.1 as well. New orders led the way up 5.4 points to 51.7.

We’re bouncing along the bottom here for Chinese demand. More weakness until H2 seems likely. I nonetheless expect bulk prices to trend slowly down from here as supply improves.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.