Daily iron ore price update (loony)

Monday 25 June 2018

Iron ore price for June 22, 2018:

Tianjin benchmark firmed 5 dents to $63.90. Paper went loony Friday night chasing oil. Steel is falling again. Rebar inventories are down 4.77mt, still up healthily year on year but the gap has narrowed.

I have no idea where we’re going short term. The safest play at this point is to look towards the September seasonal destock overlaid with more Chinese slowing.

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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.