Iron ore prices for November 10, 2020:
Spot up. Paper stalled. Steel has not updated.
Empties are still solid:
I doubt prices will get much higher despite the year-end restocking pulse. Vale is bringing an extra 50mt or right now. But I still expect firm prices right through Q1 from here, especially if La Nina rains hit Brazil.
Then down. Moreover, the more vaccine success that there is the bigger the blow it will be to iron ore as China de-escalates stimulus.
We’re passing through the peak of the COVID-19 iron ore boom right here.
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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