Iron ore prices for Septemeber 15, 2020:
Baseline is last week’s prices. Overnight futures copped it. Spot prices remain strong:
Steel is holding up:
Yesterday’s China data cleared up any mystery about why prices are high with crazy steel output:
As well, mills have a long way to restock iron ore inventory:
This restock has another six months to run. Prices will come off when Vale adds volume but be strong until the restock subsides.
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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