Daily iron ore price update (volatility)

David Llewellyn-Smith

Tuesday 29 August 2017

Iron ore price charts for August 28, 2017:

Tianjin benchmark fell only 20 cents to $76.30 after futures dropped much further. Paper firmed overnight. Steel is stalled. We definitely appear to be getting bogged down at these levels across the complex. Iron ore has recently reacted to the weak USD but not now.

CISA output for early August was still very strong at 1.87mt per day. The pre-induction mill closures line assumes 30mt of steel has been absorbed by the large mills and gives you a better idea of underlying demand. Still solid.

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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.