Daily iron ore price update (seasonality)

David Llewellyn-Smith

Thursday 26 April 2018

Iron ore prices for April 25, 2018:

Tianjin benchmark is at $65.25. Paper was down more. Steel prices up as rebar inventories draw in China, down to 7.69mt last week. CISA early April output launched 5% to record levels.

As expected, markets are rallying on the seasonal draw down in Chinese steel stocks. Nothing unusual here. Steel output is already responding to higher prices so I don’t think it will get far and bulks remain weak in comparison.

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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.