Daily iron ore price update (it ain’t over)

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Texture from Reuters:

“We believe the selling has been overdone,” said ANZ senior commodity strategist Daniel Hynes. “We see prices stabilising at around $90 a tonne in the near term.”

“Steel output curbs in China and ongoing trade tension with the U.S. are the key headwinds,” Hynes said in a note. “These should result in growth in steel production easing from the 10.8% achieved in H1 2019.”

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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.