Daily iron ore price update (the cycle turns)

David Llewellyn-Smith

Tuesday 26 June 2018

Iron ore price charts for June 25, 2018:

Tianjin benchmark lifted 70 cents to $64.60. Paper came off despite Chinese easing. Steel has turned down. Rebar inventories rose last week for the first time since March. Port stocks of iron ore have been drawn aggressively for two weeks to 155mt.

We are at a turning point. Steel output is sufficient to meet demand. Mill prices and margins are weakening. They are destocking bulks in response.

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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.