Daily iron ore price update (Q2, 2020)

Texture from Reuters:

“The combination of weak demand and relatively high supply is weighing on steel prices,” said Richard Lu, senior analyst at metals consultancy CRU in Beijing.

Reports that China’s top steelmaking city of Tangshan has issued new anti-pollution restrictions on mill operations, effective from Oct. 10 up to Oct. 31, did not help to stem the decline in steel futures prices.

To the charts:

 

Still no clear direction short term. Down into Q2 2020 is still the best bet.

Houses and Holes

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 fouding 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.

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