Daily iron ore price update ($40s)

David Llewellyn-Smith

Wednesday 26 April 2017

Iron ore price charts for April 24-25, 2017:

Spot fading though DCE paper rebounded overnight. 12 month coking coal futures are now pricing $127. Chinese port stocks sank 800kt last week but remain extreme. CISA steel output rose again in early April to huge new records. But inventories climbed as well when they should still drawing down. It can’t go on.

Then again, it might. Steel margins are getting better not worse as raw materials falls outpace steel price falls.

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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.