Daily iron ore price update (smashed)

David Llewellyn-Smith

Thursday 4 May 2017

Iron ore price charts for May 3, 2017:

Spot was basically flat. But paper went up in flames overnight. Steel prices are soaring but it can’t go on. Mid-April CISA data shows steel mills overproducing their arses off. Thermal coal is breaking down to new correction lows. BHP and RIO were down -2% and -3% in London. More prices to come.

Metal Bulletin has some texture to send a shiver down Australian spines:

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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.