Daily iron ore price update (bear market rally)

David Llewellyn-Smith

Monday 1 May 2017

Iron ore price charts for April 28,2017:

Spot jumped with Tianjin benchmark up 2.1% to $68. Paper kept the surge going overnight. Steel is up. The bear market rally continues though its truth is revealed in a rebound of 900kt to 130.5mt in port stocks last week. The price is only rising because so are inventories. Once the destock resume in earnest the bottom will fall out.

Clyde Russell has a good piece out:

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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.