Daily iron ore price update (irrational)

Friday 28 June 2019

Spot prices firmed but ignored the fireworks in paper markets. Steel is still going nowhere, really. CISA output for early June jumped to all-time records. The charts:

Reuters sums up the irrationality for me today:

“While the Brucutu restart will help boost supply, shipping the additional volumes from Brazil to China could take about 45 to 60 days,” the Itochu trader said.

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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.