Iron ore prices for November 6, 2020:
Spot firm. Paper jumped Friday night, presumably on the Biden win, which makes little sense. Rebar is strong. October imports were also strong at 106mt and change.
On the US election result, if Biden eases up on China tariffs then that will be bearish for iron ore at the margin given it will decrease the need for stimulus at the margin but the major driver, for now, is the monetary tailwind of a falling DXY.
Looking ahead, scrap details are emerging:
It’s nowhere near big enough to break the Pilbara cartel but it all helps.
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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