Daily iron ore price update (steel and lots of it!)

David Llewellyn-Smith

Friday 12 May 2017

Iron ore price charts for May 11, 2017:

Spot fell with Tianjin spot down 60 cents to $60.50 (it did not update yesterday). It was saved from worse by a late-day surge in DCE futures which then reversed lower overnight. Coking futures are still falling, now at $116 once taxes and charges are removed. Thermal is at new lows. Steel is still firming on shut downs. CISA steel output is spectacular, up again in late April to be at its highest ever by miles. I humbly suggest that this is the result of induction furnace closures not underlying demand.

Even so, we can expect it to continue with margins so healthy:

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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.