Daily iron ore price update (the smashening)

Wednesday, 14 August 2019

Texture from Argus:

Negative margins have forced Chinese steelmakers to cut output by more than 1mn t in August, sending domestic prices higher today.

More than 30 mills in Shandong, Shaanxi, Shanxi, Gansu, Sichuan and Fujian have announced maintenance shutdowns that will cut production by at least 1.15mn t of output in August, equivalent to less than 2pc of China’s monthly run-rate.

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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.