Iron ore prices fell yesterday, February 24, 2021:
The proximate trigger was the tightening of output restrictions in Tangshan as pollution levels surpassed healthy levels. In the past, these types of restrictions have proven bullish for iron ore if they triggered a rise in steel prices but we seem to be so over-heated here, with steel mill margins so poor, that any news is bad news.
For now, prices are still getting seasonal support from Brazil:
