Daily iron ore price update (to the moon)

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Iron ore prices for March 2, 2020:

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Spot soared. Paper soared. Steel soared. The steel PMI cratered. Everything is too disrupted to make much sense. Argus sums up the hope:

Demand for steel collapsed following the impact of the coronavirus outbreak amid delays in resuming work at downstream companies. Demand for steel from overseas markets also reduced significantly, said the CSLPC. “It is expected that in March, as the epidemic situation continues to be controlled, the construction sites of enterprises will start to resume work, demand will accelerate and the relaxation of logistics will also help steel mills to produce and sell,” it added.

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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.