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Iron ore prices for December 2, 2020:
Spot out of control now. Anything is possible when this kind of hoarding cycle happens.
The Chinese iron ore inventory build has paused at 130mt. The ongoing hoarding is the number one support to prices over the next six months, adding some 80mt per annum to apparent demand:
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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.