Daily iron ore price update (the hoard builds)

David Llewellyn-Smith

Monday 18 December 2017

Iron ore price charts for December 15, 2017:

Spot up. No need to adjust the TV, paper was limit up Friday night courtesy of a Trump tax frenzy. Steel is stuck. Most importantly, port stocks continue to climb, up another 900k tonnes to another all-time record at 142.6mt.

This is the key driver of prices now. The great speculative hoard. With steel shutdowns inhibiting output for another three months, the huge pile can keep growing to goodness only knows what heights.

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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.