Iron ore prices for October 22, 2020:
Spot down. Paper down. Empty apartment sales have stabilised but that is not enough. They must grow or steel demand will shrink as catch-up growth rolls off:
CISA is bearish:
That’s only mill inventories. Trader inventories are also immense, combined for easily the highest ever seasonally-adjusted:
There should still be further price drawdowns before the new year restock.
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.
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