Daily iron ore price update (ports again)

David Llewellyn-Smith

Monday 6 March 2017

Iron ore prices for March 3, 2017:

Spot fell. Paper rebounded Friday night. Coking futures too. Thermal wants to go lower. Port stocks rose another 700k tonnes last week to surpass 130mt for the first time. Chinese steel mill margins are robust again as steel rises and coking coal collapses.

Today’s action will be interesting. The Chinese Working Group announcements over the weekend were roughly a par result for bulks but the market has jumped at anything for months now so it’ll be an interesting measure of sentiment.

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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.