Daily iron ore price update ($16)

David Llewellyn-Smith

Thursday 1 June 2017

Iron ore price charts for May 31, 2017:

Tianjin benchmark tumbled $1.70 to $56.20. Paper recovered a little overnight but is still way down on yesterday’s spot prices. Coking coal was monstered. Steel has rolled but, jeez, remains very high. Reuters has texture:

“Demand is still healthy but there’s way too much supply,” said a trader at a global trading firm in Singapore that is looking for Chinese buyers for about 1.5 million tonnes of iron ore in coming weeks.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:

$24.99 / month

$249 / year

Cancel at any time through our billing provider, Stripe

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.