Daily iron ore price update (steel rocket, iron balloon)

Wednesday 24 May 2017

Iron ore price charts for May 23, 2017:

Tianjin benchmark fell 80 cents to $61.90. Paper was flat overnight. Steel is still a rocket. CISA output for major mills in early May tumbled 3.6% but remains tearaway.

So, why rising steel yet falling iron ore? The answer is here I think:

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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.