Daily iron ore price update (more bad news)

Tuesday 2 February 2021

Iron ore prices for Feb 1, 2021:

Spot and paper down. Steel has not updated. Port inventory rose last week to 126.2mt:

Yesterday China steel PMI was poor. The headline number is OK at 43 with new year output pumping on the inventory build. But new orders have cratered:

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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.