Daily iron ore price update (China data and outlook correction)

Tuesday 24 October 2017

Iron ore price charts for October 23, 2017:

Tianjin benchmark fell 50 cents to $60.30. Paper stable overnight. Steel the same yesterday. Port stocks rose 800kt to 132.15mt last week.

First, a confession. I’ve made a mistake. In the recent China September data dump I accidentally dropped the wrong data point into my China construction starts spreadsheet. The result was a much more bearish 94msqm result versus the actual which was 160msqm. Here’s the corrected chart:

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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.