Daily iron ore price update (coking coal contracts)

Tuesday 8 May 2018

Iron ore prices for May 7, 2018:

Tianjin benchmark lifted 85 cents to $66.95. Paper firmed overnight. Coking coal is off the leash again. Steel is firm. Iron ore port inventories are back over 160mt.

It is quite clear that iron ore prices can’t go higher unless hoarding grows even further. The market is obviously oversupplied and ripe for a fall.

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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.