Iron ore prices for July 16, 2020:
Yesterday’s China data was about as bullish as it can get for iron ore. Credit and housing prices are pushing higher. Empty apartments are booming:
Steel output is mad:
And, the inputs into production have reoriented away from scrap:
Basically, blast furnace production is dominating EAF in way it has not done for five years.
Onwards and upwards!
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.
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.
Latest posts by David Llewellyn-Smith (see all)
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