Daily iron ore price update (restock)

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Texture from MySteel:

China’s imported iron ore prices are likely to remain buoyant for the immediate future, thanks to additional procurements many steelmakers are undertaking ahead of the upcoming National Day Holiday over October 1-7, according to market sources on Wednesday.

“Iron ore prices may remain relatively strong short-term, because there are still many mills needing to buy some additional iron ore quantities ahead of the holidays. As long as trading is still active, prices will not fall too much,” a Fujian-based iron ore trader in Southeast China 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.