Daily iron ore price update (breakout!)

Wednesday 10 October 2018

Iron ore prices for October 9, 2018:

Spot jumped. Paper up more. Steel firm. Rebar inventories jumped 9% over the Golden Week.

I can’t get excited. There’s plenty of steel, tipping towards too much. Iron ore at this price is a flood. Coking coal is the only thing holding the complex up. I still can’t see the rally getting very far as China slows into year end.

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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.