Daily iron ore price update (ports!)

David Llewellyn-Smith

Monday 27 February 2017

Iron ore prices for February 24, 2017:

Spot faded. Paper roared back overnight. Steel sure looks toppy. Port stocks added another 1.8mt last week to hit an astonishing 129.4mt. At the current rate of accumulation we will hit capacity by mid-year at 160mt. Given it is only this hoarding that is holding prices at these levels, either China will need some new ports or prices will have to fall.

In news, the AFR has some more bears:

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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.