Iron ore keeps on falling

Tuesday, 16 January 2024

More weakness for iron ore yesterday, led lowe by rebar prices:

The falls in steel prices are somewhat explained by the latest CISA data, which boomed into the new year, posting the second-highest total (arrow):

However, inventories also boomed by 2.3mt (which is normal for the time of year) but is enough to weigh on prices.

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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.