Daily iron ore price update (down time)

David Llewellyn-Smith

Friday, 28 February 2020

Iron ore prices for February 27, 2020:

Breaking down but no panic yet. A few days ago I printed a chart showing huge rebar inventories. Alas the data was lifted from a mis-reporting article in The Australian. Here is the real chart:

The pile is still huge when we add mills and traders, assuming Goldman has this right:

But it’s not all rebar, obviously.

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.