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Iron ore prices for November 3, 2020:
Spot fell. Paper more. Port inventories are restocking nicely with another six months to run:
Empties are fading again. The growth rate trend is down:
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Brazil had another good month of shipments given October had fewer working days than last year:
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No change to the outlook. Firm across new year and Q1 then more decisively down, down.
About the author
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.