Daily iron ore price update (new highs!)

David Llewellyn-Smith

Monday 28 November 2016

Iron ore price charts for November 25, 2016:

Spot right at new highs. Paper still mad. DCE has switched to the May contract from Jan but it still rose 1% overnight. Steel can’t keep up and mill margins are at new lows. Port stocks fell Other price still to come. Here’s the truth from Reuters:

“I cannot imagine the price hit $70, it’s crazy. Supply of iron ore is bigger than before,” said an iron ore buyer for a mill in China’s Fujian province.

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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.